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Source: Roschetzky Photography / Shutterstock.comTesla (NASDAQ:TSLA) stock is on the move Tuesday following news that the electric vehicle (EV) company signed a graphite deal with Magnis Energy (OTCMKTS:MNSEF).
According to this agreement, Tesla will purchase a minimum of 17,500 tonnes per annum (tpa) of Anode Active Materials (AAM). The deal starts in February 2025 and includes a fixed price with a minimum purchase of 35,000tpa over at least three years. The company would use these materials for its EV batteries.
There are several requirements that Magnis Energy has to meet to keep the deal. Among them is securing a final location for its commercial AAM plant by June 30, 2023, producing AAM from a pilot plant by March 31, 2024, as well as commencing production at its plant by Feb. 1, 2025.
Frank Poullas, chiarman of Magnis Energy, said the following about the deal with Tesla.
“We are really excited to bring our high performing AAM to market that requires no chemical or thermal purification throughout the whole process, which differentiates this sustainable material in the market and provides great value to all parties.”
TSLA Stock Movement Today
Following news of today’s graphite deal, only around 48 million shares of TSLA stock have changed hands. That’s below its daily average trading volume of around 166.8 million shares. Investors will also note that TSLA stock is down 1.9% as of Tuesday morning.
Investors seeking more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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