The Neometals Ltd (ASX: NMT) share price is rocketing in early trade, up more than 14.69% to $1.015 cents per share. That's smashed the all-time closing high of 95 cents reached on 24 September.
Below we take a look at the battery recycling update released to the ASX this morning.
Image source: Getty Images
What battery recycling update was announced?
Neometals' share price is soaring after the company reported its joint venture company Primobius GmbH has completed the commissioning of its lithium-ion battery recycling demonstration plant.
Primobius is jointly owned by Neometals and SMS group GmbH.
According to the release, all leaching, purification, and recovery circuits of the Stage 2 hydrometallurgical refinery were successfully wet commissioned at the German-based demonstration plant.
Neometals' share price could also be getting a boost from the report that the demonstration plant's trial on electric vehicle lithium-ion batteries will kick off early in November, as planned. The trial is intended to demonstrate the "safe, efficient, green recycling process to potential feedstock supply and product offtake partners".
Commenting on the progress, Neometals' managing director Chris Reed said:
This is another important milestone for Primobius. The demonstration trial is the conclusive phase of our evaluation with SMS and represents the key step in bringing our pipeline of potential plants into commercial reality.
Inbound interest from the global EV supply chain in our efficient, green recycling process is exceptional. This interest coupled with the scalability and deliverability from our partnership with a leading global plant builder in SMS, augurs well for the achievement of our goal to become the leading recycling solution in the Western world.
Neometals share price snapshot
The Neometals share price has been a standout performer over the past 12 months, soaring 418%. To put that into some context, the All Ordinaries Index (ASX: XAO) is up 22% year-on-year.
Over the past month Neometals' shares have gained 4%.
