EnerSys (ENS), Verkor to Build Lithium Battery Factory in the US
EnerSys ENS has signed a non-binding Memorandum of Understanding (MOU) with the European company, Verkor SAS, to develop a lithium battery gigafactory in the U.S. The move is aimed at meeting the growing demand for lithium-ion batteries. The development of the factory will cater to ENS’ customer needs, including manufacturing requirements for domestically sourced batteries.
France-based Verkor is a European leader in battery technology. The company produces high-performance, low-carbon and locally manufactured battery cells and modules. It has established a reliable mechanism for designing and producing electrodes, battery cells and modules. Verkor has enhanced its manufacturing capacity in France and serves several customers, including the car manufacturer Renault Group.
Per the deal, ENS & Verkor are developing plans, exploring new factory locations and funding sources, and administering structures for the new manufacturing plant. The new facility will serve as a long-term opportunity to enable growth for both companies. By leveraging Verkor’s expertise in lithium-ion electrode chemistry and high-performance products, ENS will be able to maximize cell sizing in battery solutions for its customers which will provide independence from non-domestic battery suppliers.
Enersys Price
Enersys price | Enersys Quote
This deal is in line with EnerSys’ goal to drive the global clean energy transition by boosting lithium-ion battery production across various end markets and applications. ENS is also positioned to yield credits through the Inflation Reduction Act, which is expected to aid in funding the new manufacturing facility.
Zacks Rank & Other Stocks to Consider
ENS currently sports Zacks Rank #1 (Strong Buy). Some other top-ranked companies from the Industrial Products sector are discussed below:
Ingersoll Rand Inc. IR presently sports a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks.
IR delivered a trailing four-quarter earnings surprise of 12.6%, on average. In the past 60 days, estimates for Ingersoll Rand’s 2023 earnings have increased 7.1%. The stock has improved 22.7% in the year-to-date period.
Alamo Group Inc. ALG currently sports a Zacks Rank of 1. ALG delivered a trailing four-quarter earnings surprise of 17.7%, on average.
In the past 60 days, estimates for Alamo’s 2023 earnings have increased 12.7%. The stock has gained 29.7% in the year-to-date period.
Axon Enterprise AXON sports a Zacks Rank of 1, at present. The company has a trailing four-quarter earnings surprise of 44.4%, on average.
In the past 60 days, estimates for Axon’s 2023 earnings have increased 13%. The stock has rallied 19.2% in the year-to-date period.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Ingersoll Rand Inc. (IR) : Free Stock Analysis Report
Alamo Group, Inc. (ALG) : Free Stock Analysis Report
Enersys (ENS) : Free Stock Analysis Report
Axon Enterprise, Inc (AXON) : Free Stock Analysis Report
