Why Solid Power Stock Soared 19.2% in February
Shares of Solid Power (NASDAQ: SLDP) gained 19.2% in February, according to data from S&P Global Market Intelligence. The stock climbed in conjunction with new filings made with the Securities and Exchange Commission (SEC) and with the company's participation at the Wolfe Research Global Auto, Auto Tech and Mobility Conference on Feb. 23.
With gas prices rising last month, the electric vehicle (EV) battery-technology specialist's share price likely also benefited from rising interest in EV and renewable energy technologies. Solid Power was taken public through a merger with a special purpose acquisition company (SPAC) last December, and the company's share price is now down roughly 44.5% since market close on the day it went public.
Solid Power is an innovative, potentially disruptive player in the battery-technology space. Compared to the the lithium-ion batteries that are currently the norm in most EVs, the company's solid-state batteries have the potential to lead to significant improvements in charge capacity, charge time, and safety. Solid Power has attracted investment from auto leaders including Ford and BMW, and the market seems to have been pleased with a series of SEC filings last month showing heavy insider and institutional ownership positions.
Source Fool.com
