The electric vehicle space has continued to generate optimism among investors and as a result, many other industries which are closely associated with the space have also benefitted from the situation.
In this context, it could be the right time for investors to take a look at the American Resources (NASDAQ:AREC) stock which emerged as a major gainer yesterday and ended the day with gains of as much as 14.50%. The company made a key announcement yesterday that possibly reinforced the possibility of American Resources playing an important role in the growing electric vehicle space.
The company announced on Monday that it managed to get 99.55 purity in the cobalt, lithium and nickel that it had extracted from the recycled NMC batteries. The batteries had been sourced by American Resources from the manufacturing process that it involved with electric vehicles.
More importantly, American Resources is in possession of all the patents and licenses that are related to this particular process. Hence, the significance of this announcement is understandable. The stock was on an upward move right from the time that the announcement was made by American Resources yesterday morning. It remains to be seen if the stock can hold on to its momentum today.
