• Mon. Feb 26th, 2024

Kodak stock gains 1% in down market after taking stake EV battery ‘super cell’ maker


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Shares of Eastman Kodak Co.

climbed 1.0% in morning trading Wednesday, to buck the selloff in the broader stock market, after the commercial print and advanced materials company said it took a minority stake in a maker of components for batteries used for electric vehicles. Financial terms were not disclosed, but Kodak said it took the stake in Wildcat Discovery Technologies, which is developing an EV “super cell” that can provide greater than 90% improvement in energy density over current batteries. Kodak said the investment it made comes with the goal of having Wildcat’s “super cell” ready for commercialization in two years. “This investment in Wildcat reflects Kodak’s commitment to building new businesses by leveraging our existing skills and infrastructure,” said Kodak Chief Executive Jim Continenza. “Coating substrates is a critical aspect of manufacturing batteries and no one is better at coating than Kodak.” Kodak’s stock has gained 7.3% year to date. The S&P 500
which was down 1.0% early Wednesday, has dropped 20.7% this year.

Image and article originally from www.marketwatch.com. Read the original article here.