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Hindustan Zinc signs zinc supply contract with AEsir Technologies

21 Jun 2024 , 01:29 PM

Shares of Hindustan Zinc Ltd., which is controlled by Anil Agarwal’s Vedanta Ltd., rose after the business announced an agreement with AEsir Technologies for zinc supply to the latter.

According to this MoU, Hindustan Zinc will be the preferred zinc supplier for the US-based corporation.

AEsir Technologies is a US-based firm that specialises in next-generation zinc battery technology. Zinc will be an important raw ingredient for AEsir’s next-generation batteries.

The MoU aligns with Hindustan Zinc’s initiatives to explore potential zinc applications in the sustainable energy transition.

Zinc batteries are becoming increasingly popular due to their corrosion resistance, low cost, recyclability, stability, and environmental friendliness.

We are seeing significant innovation in this field, and our relationship with Hindustan Zinc offers us essential raw material for the development of next-generation Nickel Zinc batteries’, said Randy Moore, Co-founder and CEO of AEsir Technologies.

Hindustan Zinc is India’s largest zinc producer, as well as the world’s second-largest. Vedanta holds a 64.92% stake in Hindustan Zinc.

In an exclusive interview, Vedanta Group Chairman Anil Agarwal stated that there is enormous potential for building up Hindustan Zinc.

At around 12.05 PM, Hindustan Zinc was trading 4.93% higher at ₹679.50, against the previous close of ₹647.55 on NSE. The counter touched an intraday high and low of ₹684, and ₹642, respectively.

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