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Axios
44 minutes ago
- Axios
The great "rebalancing" in EV lithium has begun
A global glut of lithium prompted a Chinese battery company to suspend production at a massive mine, triggering a rise in commodity prices and a jump in stock prices of lithium companies. Why it matters: Lithium is an essential raw material in electric vehicles, so any increase in prices could translate into higher costs for EV makers. Driving the news: Chinese battery giant Contemporary Amperex Technology Co. Ltd., known as CATL, halted output at a property in the Jiangxi province, prompting global speculation about whether the country is teeing up a crackdown on overcapacity. "The fate of the CATL mine — the biggest in China's lithium hub of Yichun — had been under close scrutiny for weeks, amid speculation that authorities wouldn't extend its license," Bloomberg reported. The mine makes up about 6% of global lithium mining, according to Bank of America figures cited by Bloomberg. The impact: Spot lithium carbonate prices in China rose about 3% Monday, FT reported. Corporate lithium stocks also jumped around the world: U.S. chemicals company Albemarle closed up 7.0%, while American lithium miner Piedmont gained 14.1% and Lithium Americas rose 9.3%. What they're saying: "This is a rebalancing of the disequilibrium that exists within the global lithium market," Gracelin Baskaran, director of the Critical Minerals Security Program at the Center for Strategic & International studies, tells Axios in an email. Context: Lithium prices have tanked over the last several years amid a global slowdown in EV sales growth. In Australia — the world's top producer — miners had already "curtailed production or delayed expansions" amid the drop in prices, a trend seen throughout 2024, Reuters reported in June. The market is "significantly oversupplied," according to a recent report by BNP Paribas senior commodities desk strategist David Wilson. Zoom in: The average global weighted price of lithium carbonate has plunged from an all-time high of $70,957 per tonne in January 2023 to $9,553 in the first week of August, according to Benchmark Minerals data. "These prices are even untenable for Chinese producers," Baskaran says. "By reducing the global surplus, we expect prices to go up and allow Western producers to operate more cost competitively." Yes, but: It might be a temporary lull in demand. Benchmark Minerals is projecting a 204% increase in demand over the next decade. What we're watching: Whether this is part of a broader move by Chinese authorities to crack down on the broader EV sector amid a feverish price war.
Bloomberg
an hour ago
- Bloomberg
Argentina's Peso Debt Yields Soar to Record Ahead of Key Auction
Yields on the Argentine government's short-term notes soared to record highs Monday, just two days before the Treasury faces an auction that will help gauge investor appetite ahead of crucial midterm elections in October. The yield on Lecap notes maturing Sept. 12 jumped to 65%, its highest level since the instrument was first issued a year ago and up from 46% at the start of August, according to data compiled by Bloomberg. Interest rates on other Lecaps also jumped.
Yahoo
an hour ago
- Yahoo
A Key Crypto Insider Wants to Make This Penny Stock the Next MicroStrategy. Should You Buy Shares Here?
Few moves in the small-cap market generate as much buzz as when a well-known crypto insider steps in with bold, transformative plans. That's exactly what's happening with ZOOZ Power (ZOOZ), a little-known Israeli energy technology company that's suddenly making headlines far beyond the EV charging industry. In a surprise strategic pivot, Jordan Fried, blockchain entrepreneur and a founding team member of Hedera Hashgraph, has taken over as CEO with a vision to turn ZOOZ into what could be the next MicroStrategy (MSTR) of the Bitcoin (BTCUSD) world. The plan? Alongside its existing flywheel-based power boosting and energy management business, ZOOZ will allocate the vast majority of proceeds from a $180 million private placement toward building a Bitcoin reserve. Supporters see the move as visionary — a chance for a niche clean-energy player to align itself with 'digital gold' while differentiating from rivals. Skeptics, however, question the risks of tying a penny stock's fortunes to Bitcoin's notoriously volatile price swings, particularly when its core business remains far from profitability. More News from Barchart 'It Will Be the Biggest Product Ever': Elon Musk Says Tesla's Optimus Robots Will Be Bigger Than Even Robotaxi Dear Archer Aviation Stock Fans, Mark Your Calendars for August 11 This Hidden-Gem AI Stock Has a Major Catalyst Coming on August 11 Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. In this article, we'll break down the details behind ZOOZ's Bitcoin pivot and explore whether this new direction offers a genuine path to MicroStrategy-like returns — or if it's simply too big a bet for this penny stock to handle. About ZOOZ Power Stock Valued at a market cap of just $20.6 million, ZOOZ Power (ZOOZ) is a leading provider of flywheel-based power boosting and energy management solutions. The company offers the ZOOZTER-100, a flywheel-based kinetic power booster designed to support the sustainable and cost-effective deployment of ultra-fast electric vehicle charging stations in grid-constrained areas. Alongside its core energy technology operations, upon closing the private placement, ZOOZ will become the first company dual-listed on the Nasdaq Exchange and the Tel Aviv Stock Exchange to implement a long-term strategic Bitcoin treasury. This strategy positions ZOOZ as a trailblazer in sustainable, high-performance EV charging and a forward-looking allocator of capital. Shares of the flywheel‑energy firm have slumped 30% on a year-to-date basis. ZOOZ Joins Growing Bitcoin Treasury Investment Trend On July 29, ZOOZ announced a $180 million private placement (PIPE) with accredited institutional investors as part of its plans to implement a Bitcoin Reserve Strategy. The company stated that its Bitcoin reserve will serve as a 'strategic asset' complementing its energy hardware, helping drive growth and set it apart as global financial infrastructure continues to evolve. The PIPE deal, pending shareholder approval, will involve ZOOZ issuing 180 million ordinary shares and prepaid warrants at $1 each to a syndicate led by Pantera Capital, FalconX, Arrington Capital, UTXO Management, ATW Partners, and Israeli investor Alex Rabinovich. According to the company, roughly 95% of the net proceeds will be allocated to establishing a Bitcoin reserve, with the remainder used to repay $3 million in debt and fund general corporate purposes. Alongside the fundraising, ZOOZ's board appointed blockchain entrepreneur Jordan Fried, a founding team member of Hedera Hashgraph, as CEO effective July 31, tasking him with immediately executing the company's digital asset treasury strategy. Notably, former CEO Erez Zimerman remained with the company to lead ZOOZ Power's flywheel-based advanced solutions, overseeing power boosters and energy management systems worldwide. Also, the board was strengthened with the appointments of former Citigroup CFO Todd Thomson and former Bank Leumi chairman Dr. Samer Haj-Yehia, both of whom joined on July 31. In addition, activist investor Jonathan Christodoro, who has served on the boards of PayPal (PYPL), Herbalife (HLF), and Lyft (LYFT), along with Jonas Grossman, co-founder of Chardan, have been nominated for election as directors at the upcoming annual meeting. The PIPE's closing is contingent on a shareholder vote, scheduled for on or around Sept. 8, 2025, to approve its terms, amend the company's articles of association to increase authorized shares, elect two directors, and address other related matters. The PIPE is expected to close soon after receiving shareholder approval. 'This move lets investors in Israel and the US gain direct exposure to our Bitcoin treasury strategy,' Fried said, adding that the dual listing equips ZOOZ with 'every tool to grow our holdings and signal innovation and confidence to the market.' He noted that Bitcoin has delivered a compound annual growth rate of about 82% over the past decade. Separately, Chairman Avi Cohen described the shift as 'a landmark moment' that positions ZOOZ 'at the cutting edge of financial innovation while reinforcing our long‑term resilience.' Cohen stated that holding digital assets aligns the company with 'an increasingly digital future' and has the potential to generate 'significant shareholder value.' Meanwhile, ZOOZ recently completed the first phase of its major fundraising effort, securing $5 million through an initial private placement. The company issued about 2.5 million ordinary shares and pre-funded warrants, priced at $2.00 each. Each ordinary share or pre-funded warrant was accompanied by a warrant to purchase two additional ordinary shares at an exercise price of $3.06 per share. The company plans to allocate part of the net proceeds toward repaying a portion of its outstanding promissory notes, with the remainder designated for general corporate purposes. 'We are pleased to have successfully closed the Initial Private Placement as part of this larger Private Placement financing, which represents an important first step in executing our new Bitcoin reserve strategy,' said Fried. 'This initial capital infusion demonstrates investor confidence in our vision, and we look forward to securing shareholder approval for the full $180 million Private Placement. With this support, we intend to build a strategic Bitcoin reserve aimed [at enhancing] long-term shareholder value and position the Company for a new era of financial strength and innovation.' What About ZOOZ's Core Business? After exploring ZOOZ's Bitcoin treasury ambitions, let's shift our attention to the part of the business that currently generates its revenue. The company last released its financial results on March 6. Given the company's market cap, it's reasonable not to expect substantial revenue or profitability. That said, its revenue grew 36% year-over-year to $1.04 million in 2024, driven by sales of ZOOZTER-100 systems. The company's full-year net loss stood at $11 million, or $1.09 per basic and diluted share, compared with $11.8 million, or $1.99 per share, in the prior year. As of Dec. 31, 2024, ZOOZ held roughly $7.5 million in cash, cash equivalents, and short-term deposits. A single analyst covering the company expects its net loss to narrow by 11.93% year-over-year to $0.96 per share in fiscal 2025, while projecting a 23.15% decline in revenue to $0.8 million. Notably, the company is projected to post its first annual profit in fiscal 2029. What Do Analysts Expect for ZOOZ Stock? ZOOZ stock has light analyst coverage on Wall Street, with just two analysts following the company and assigning it a consensus rating of 'Moderate Buy.' One analyst has a 'Strong Buy' rating on the stock, while the other recommends a 'Hold.' Meanwhile, ZOOZ's average price target of $5.00 suggests upside potential of roughly 200% from current levels. The Bottom Line on ZOOZ Stock Putting it all together, I believe investors should avoid buying ZOOZ stock for two primary reasons. First of all, there's no real need to reinvent the wheel, as investors already have numerous ways to gain exposure to Bitcoin — whether by purchasing MicroStrategy shares or buying Bitcoin directly on any crypto exchange. Secondly, I am somewhat skeptical about the company's Bitcoin treasury plans. Let me explain this point in more depth. Given its small market cap, the stock could experience substantial volatility in response to BTC price movements, potentially rising or falling at much greater rates than BTC itself. Moreover, management views bitcoin as 'digital gold' and anticipates 'long-term, asymmetric upside.' However, Bitcoin's price action doesn't exactly support this thesis, as any shift in global markets toward a risk-off sentiment almost always triggers a sharp decline in its value. This implies a significant risk for the company, as any substantial drop or prolonged pullback in Bitcoin's price could drive ZOOZ's stock below $1, potentially resulting in a Nasdaq delisting. With that, the risk-reward profile here is far from attractive, and as noted earlier, purchasing MSTR stock or Bitcoin directly appears to be a much smarter move. On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
