Tortoise Acquisition Corp (NYSE:SHLL) is the new flavor on the street as an EV play, with shares bolting higher to close out last week — and already extending this week — following revelations that the blank check vehicle just announced a deal to acquire and bring public privately held “electrified powertrain solutions for Class 8 commercial vehicles” company Hyliion.
The move follows in the footsteps of a similar by a shell company to take Nikola Corporation (NASDAQ:NKLA) public last month. Traders watched NKLA move up by hundreds of percentage points in days, and the move to swarm into SHLL was a fait accompli.
Tortoise Acquisition Corp Class A (NYSE:SHLL) bills itself as Tortoise Acquisition Corp. does not have significant operations prior to its recent announcement about Hyliion.
It’s current materials state that it intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was founded in 2018 and is based in Leawood, Kansas.
Tortoise Acquisition Corp Class A (NYSE:SHLL) had no reported sales in its last quarterly financial data. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($748K against $318K).
If you’re long this stock, then you’re liking how the stock has responded to the announcement. SHLL shares have been moving higher over the past week overall, pushing about 80% to the upside on above average trading volume. Shares of the stock have powered higher over the past month, rallying roughly 84% in that time on strong overall action.
Fuse Cobalt Inc. (OTCMKTS:FUSEF) engages in the acquisition, exploration, and development of energy metal projects, with a strong focus on Cobalt, a key ingredient in electric vehicle batteries that drives both stability and driving range.
The stock has pushed as much as 500% higher so far this year. More importantly, the longer-term pattern is that of the famous “Cup with Handle” bottoming formation made famous by William O’Neill of Investors Business Daily fame. FUSEF sports a classic version of the pattern, with its breakout above $0.04/share into the end of May as the trigger point pushing the stock into the breakout phase of trend based on this chart formation.
Fuse Cobalt holds a 100% interest in the Glencore Bucke project with 2 patented mining claims covering an area of 16.2 hectares (ha) located to the east-northeast of Cobalt, Ontario; and an option to acquire a 100% interest in the Teledyne cobalt project with 5 patented mining claims covering an area of 79.1 ha, as well as 46 unpatented mining claims covering an area of 705.99 ha located in the Bucke and Lorrain Townships of Ontario.
If you doubt the inevitability of the EV revolution, then note that Lyft just made a public commitment to take its entire fleet electric over the next 10 years. No doubt, Uber will be forced to go in the same direction. Cab companies and civic transportation systems will no doubt follow next.
They all depend on flows of capital. And flows of capital have aligned behind the ESG capital management movement – a fact that will only become more extreme once the primary sources of that capital and more and more exclusively millennials and gen-z investors.
If you doubt the inevitability of rising cobalt demand, then recall the recent move by Tesla to lock in 6k tons of it per year from Glencore — the largest commodity company in the world. Cobalt is extremely rare, and will also need to be ethically sourced, further tightening supply.
The EV revolution is undoubtedly real. Cobalt is undoubtedly an irreplaceable component of EV batteries built for mainstream adoption. And cobalt is undoubtedly rare, especially from sources meeting the strict ethical precepts of the ESG capital movement. FUSEF is one of the few companies with real prospects to help connect these dots.
In a context of such unbridled momo enthusiasm for EV plays, these points, when taken together, could leave FUSEF in an extremely strong position around the next corner.
Ideanomics Inc (NASDAQ:IDEX) is another big mover in the EV space that has bloomed into popularity with Robinhood traders.
But this is down-tier and already at #1 in w/w popularity change on Robinhood, so we may be in advanced stages in this name after 800% in a couple weeks.
Ideanomics Inc (NASDAQ:IDEX) bills itself as a company focused on monetizing the adoption of commercial electric vehicles, associated energy consumption, and developing financial services and Fintech products.
Its Mobile Energy Global division provides financial services and incentives for commercial fleet operators, including group purchasing discounts and battery buy-back programs. This division also offers solutions for the procurement, financing, charging, and energy management needs for fleet operators of commercial electric vehicles.
The company’s Ideanomics Capital division provides financial services solutions. This division is involved in the areas of capital markets, such as financial products advisory and creation, with specific focus on the application of blockchain and artificial intelligence in financial technology.
This division also operates EKAR, an exchange traded fund that tracks the Innovation Labs Next Generation Vehicles Index, which comprises of global stocks that have exposure to the theme of electric and self-driving/autonomous vehicles.
Ideanomics Inc (NASDAQ:IDEX) generated sales of $378K, according to information released in the company’s most recent quarterly financial report. That adds up to a sequential quarter-over-quarter growth rate of 496.3% on the top line. In addition, the company is battling some balance sheet hurdles, with cash levels struggling to keep up with current liabilities ($5.9M against $30.8M, respectively).
The context for this announcement is a wild bid, with shares acting extremely well over the past five days, up about 199% in that timeframe. Shares of the stock have powered higher over the past month, rallying roughly 686% in that time on strong overall action.