Australia's Syrah Resources soars on graphite supply deal with Tesla
Information about Australia's Syrah Resources soars on graphite supply deal with Tesla
Kevin David Scam or Legit
(Reuters) – Syrah Resources Ltd said on Thursday it had signed a four-year deal to supply graphite anode materials to electric carmaker Tesla from its plant in the U.S. state of Louisiana, sending the Australian company’s shares soaring 32%.
The deal with Tesla, the world’s most valuable automaker, comes at a time when carmakers globally are racing to secure supplies of components used in making electric vehicles.
Tesla will buy the majority of graphite output expected from the proposed expansion of capacity at the Syrah facility in Vidalia, with an option to purchase more.
Graphite is used in the lithium-ion batteries that power electric vehicles. Around 70% of all graphite comes from China, and there are few viable alternatives for batteries.
Tesla recently said no company in …