Ferroglobe & Coreshell to make EV battery silicon
Ticker: GSM · Form: 6-K · Filed: Mar 11, 2024 · CIK: 1639877
| Field | Detail |
|---|---|
| Company | Ferroglobe PLC (GSM) |
| Form Type | 6-K |
| Filed Date | Mar 11, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Sentiment | bullish |
Sentiment: bullish
Topics: partnership, electric-vehicles, materials
TL;DR
Ferroglobe is teaming up with Coreshell to make special silicon for EV batteries – big news for electric cars!
AI Summary
Ferroglobe PLC announced on March 11, 2024, a memorandum of understanding with Coreshell to develop the world's first battery-grade metallurgical silicon. This silicon is intended for use in electric vehicle batteries, aiming to enhance performance and reduce costs.
Why It Matters
This collaboration could lead to a significant advancement in electric vehicle battery technology, potentially improving range and lowering manufacturing costs.
Risk Assessment
Risk Level: medium — The announcement is a memorandum of understanding, not a finalized deal, and the success of developing and commercializing battery-grade silicon carries inherent technological and market risks.
Key Players & Entities
- Ferroglobe PLC (company) — Registrant and party to the MOU
- Coreshell (company) — Partner in the MOU
- March 11, 2024 (date) — Date of the press release and MOU announcement
FAQ
What is the primary purpose of the memorandum of understanding between Ferroglobe and Coreshell?
The memorandum of understanding is to develop the world's first battery-grade metallurgical silicon for use in electric vehicles.
When was this memorandum of understanding announced?
The announcement was made via a press release dated March 11, 2024.
What type of silicon is Ferroglobe aiming to produce with Coreshell?
They are aiming to produce battery-grade metallurgical silicon.
What industry is the target market for this new silicon product?
The target market is electric vehicles.
What is Ferroglobe PLC's filing number with the SEC?
Ferroglobe PLC's SEC file number is 001-37668.
Filing Stats: 879 words · 4 min read · ~3 pages · Grade level 14.9 · Accepted 2024-03-11 17:01:10
Filing Documents
- tmb-20240311x6k.htm (6-K) — 36KB
- 0001558370-24-002917.txt ( ) — 37KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: March 11, 2024 FERROGLOBE PLC by /s/ Marco Levi Name: Marco Levi Title: Chief Executive Officer (Principal Executive Officer) Ferroglobe & Coreshell Sign a Memorandum of Understanding to Deliver World's First Battery-Grade Metallurgical Silicon for Electric Vehicles Partnership to enable development of the lowest cost, longest range EV batteries replacing graphite and silane-based silicon with metallurgical silicon for the first time. LONDON, March 11, 2024 (GLOBE NEWSWIRE) – Ferroglobe PLC (NASDAQ: GSM), a world leading producer of silicon metal and ferroalloys, and Coreshell, a US-based battery technology company, today announced the signature of a memorandum of understanding. Together, Ferroglobe and Coreshell expect to produce the first battery-ready metallurgical silicon for the development of low-cost, high-range EV batteries in compliance with the U.S. Inflation Reduction Act. The partnership will enable the leapfrogging of silane-based silicon and the replacement of graphite in EV batteries, which have bottlenecked the auto industry since the introduction of electric vehicles, creating cost and range limitations. Electric vehicles suffer from significant cost disadvantages for consumers and automakers alike, with batteries comprising 30-40% of the total cost of electric cars 1 . Car manufacturers are interested in using silicon in batteries because it can store up to 10 times more energy in the anodes than graphite. This could potentially result in a 30 percent increase in driving range. Coreshell's proprietary battery technology, featuring a unique nanomaterial electrode coating, is the only proven solution to mitigate the degradation of micrometric silicon, preventing its rapid loss of life while still allowing lithium ions to pass through.