The Metals Company (NASDAQ: TMC) stock price slipped a further 4% in Wednesday premarket trading, continuing a sharp sell-off since mid-September.
The slip might be considered surprising given today’s news that TMC – a manufacturer of low-impact battery metals from polymetallic nodules normally found on the seafloor – has finalized a working partnership with SGS Group, a prominent figure in testing, inspection, and certification.
The work will see SGS Group provide testing in TMC’s program of refining battery metals, in order to help the metals company in the determination and analysis of their path towards an end goal of a full-scale metallurgical plant that is capable of producing nickel and cobalt – deemed critical by the Biden Administration.
SGS will provide equipment, resources, and years of expertise in order to ensure TMC’s journey towards EV batteries and wiring is as efficient and successful as possible. Metals include battery-grade nickel sulfate, cobalt sulfate, and copper cathode.
The partnership comes as a tangent in a much wider environmental vision…
Gerald Barron, Chairman, and CEO of TMC stated: “Solving the climate problem requires solving the battery problem and solving the battery problem requires solving the metal problem. Today most of the critical battery metals are produced outside of the U.S., often on other continents — leaving the U.S. with a strong mineral dependence and a 50,000-mile-long battery material supply chain”
Stephen Mackie, Director of Metallurgy and Mineralogy at SGS, similarly noted: “We’re excited to be working with TMC to develop the metallurgical processes for the recovery of high purity metal salts from sea nodules that are critical to the EV battery industry. We are committed to providing our technical expertise to such projects that contribute to the green economy.”
The Metals Company stock price currently sits around the $4.20 mark, illustrating a 4% drop moving closer to the Wednesday market open – TMC stock has had a strenuous time since the company’s public NASDAQ listing in September – is there potential for TMC as low-impact batteries become more crucial?
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