Hindustan Zinc‘s share price which was trailing in the red on Friday shot up sharply after the company made the announcement.
What Happened: Hindustan Zinc, India’s leading and the world’s second-largest zinc producer, has entered into a partnership with US-based AEsir Technologies, a company specialising in zinc battery technologies.
The two companies on Friday signed a Memorandum of Understanding (MoU) with AEsir Technologies. The partnership is set to revolutionise the battery storage space, with HZL being the preferred supplier of zinc for AEsir Technologies’ future batteries.
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Zinc-based batteries, known for their high power, lower costs, minimal maintenance, and extended lifespans of up to 20 years, are an attractive alternative to other contemporary energy storage solutions, the company said in a press release. They are particularly suitable for large-scale energy storage in industrial scenarios. Zinc-based batteries are recyclable, use non-hazardous raw materials, and have a greenhouse gas (GHG) footprint six times lower than other technologies
The announcement saw the stock jump close to 6% to hit an intraday high of ₹684.
Price Action: Hindustan Zinc’s share price was up 3.28% to trade at ₹668.80 in early trade on Friday.
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