Posters weigh in on lithium ion battery production report
Shares of Formation Capital Corp. (TSX: T.FCO, Stock Forum) surged 36% to 24.5 cents Tuesday, as posters weighed in on the mass production of lithium ion batteries.
The company, which is engaged in the acquisition and development of cobalt and uranium properties and the refining of precious metals, released no news Tuesday.
However, Stockhouse member good2004 posted a link to an article from the cobalt news section of the company’s website, by Metal Pages, which noted that “a U.S. government laboratory has formed an alliance with 14 U.S. companies with expertise in batteries and advanced materials in order develop manufacturing facilities for the mass production of lithium batteries for vehicles, as reported by Reuters.”
The article went on to say that the alliance “intends to secure $ 1 billion to $ 2 billion in U.S. government funding over the next five years to build a manufacturing facility with an "open foundry" for the participants to develop the perfect lithium-ion battery for cars.”
On Formation Capital Corp’s Bullboard Tuesday, good2004 commented: “Great news for FCO as a colbalt supplier[sic].”
PeteyK added: “Great news, of course a steady supply of cobalt is necessary as well and where better to acquire it than in idaho, a nice trade off in the job creation market, 140 m$ to build the mine and have a nice supply of cobalt, and create jobs aswell, and a green mine to top it off. For the participating companies fronting 140M$ for mine construction is peanuts. With a broad industry backing and national intrest in play, icp suddenly becomes a lot more important[sic].”
imafreakinidjit replied: “Exactly when did FCO become a cobalt supplier? Answer: It's not! FCO has no capital or permission to extract cobalt from its claim. While there is no doubt that cobalt demand should rise in the future, there is a substantial question today whether or not FCO itself will ever participate. There is no cobalt mine in production, folks![sic].”
