Alkemy Capital Investments PLC (LSE:ALK) shares climbed after the lithium developer said it had struck a deal to supply Britishvolt's new owner, Recharge Industries.
The London-listed company's wholly owned Tees Valley Lithium subsidiary will now negotiate with US-Australian firm Recharge for the supply of lithium hydroxide, which is essential in electric vehicle battery production.
Australia-based Recharge, which is owned by US-based Scale Facilitation Partners, was confirmed yesterday as having agreed to buy Britishvolt’s business and assets.
Recharge founder and Scale Faciliation CEO David Collard said the potential agreement underscores its “intent to revive the fortunes of Britishvolt”, which fell into administration last month, casting doubt over its plans to build a £3.8bn EV battery gigafactory in Northumberland.
Alkemy jumped to 279p following the news, 10% higher than Monday’s closing price of 252p, before dropping back to 267p – an increase of 6%.