Insights

Clean Teq (ASX:CLQ) share price unmoved by quarterly update

The Clean Teq share price is trading flat today as the company announced its quarterly update. We take a closer look.
The post Clean Teq (ASX:CLQ) share price unmoved by quarterly update appeared first on The Motley Fool Australia. –

Trees and a road shapes a dollar sign of green, indicating the share price movement of ASX eco companies

The Clean Teq Holdings Limited (ASX: CLQ) share price is flat today as the company announced its second quarterly report for the financial year.

Shares in the green materials company are trading at 30 cents at the time of writing, the same price level it was stting on at market open this morning.

Clean Teq is a Victorian company that aims to “empower the clean revolution” by providing specialty materials and clean solutions to a range of industries.

What is driving the Clean Teq share price

In today’s release, the company advised it continues to advance the development of its Sunrise battery materials complex in New South Wales. The company sees Sunrise as a potential beneficiary to the growing tailwinds surrounding electric vehicles.

Clean Teq has a range of works under way at the Sunrise plant to minimise the project restart time when funding is secured. To this tune, the company says the COVID-19 pandemic has presented difficult conditions for obtaining funding for the project.

However, engagement with the automotive and battery sectors for Sunrise remains ongoing. In particular, in the last quarter of 2020, Clean Teq saw “significant interest” from the automotive sector for its supply of both cobalt and nickel.

Also, during the quarter, the company completed the first three drill holes at its Phoenix Platinum zone in NSW. Despite the low grade of resource in the area, the mine remains “one of the largest platinum deposits in Australia”. Platinum has many uses in modern society including in jewellery, electrics and medical/laboratory instruments.

In addition, the company’s two new water treatment contracts in Australia and Oman also helped drive the Clean Teq share price this month.

Renewable energy push

Earlier this month, Clean Teq announced the completion of a study that confirmed the availability and cost of renewable energy to supply 100% of its external power for its Sunrise project. As such the proposal would completely eliminate one third of its total carbon emissions.

The study was undertaken in 2020 in partnership with AGL Energy Limited (ASX:AGL) to identify an alternative energy supply.

About the Clean Teq share price

With the company’s recent capital raising, Clean Teq currently has a cash balance of $44 million.

Looking ahead, the company is considering a demerger of its water division to focus more on battery materials. It has started a formal review of a potential demerger which will provide a recommendation to shareholders in due course. The review will consider taxation, structuring and other regulatory implications.

Despite the challenging conditions of last year, the Clean Teq share price is currently trading 15.38% higher over the last 12 months. And it’s outperforming the All Ordinaries Index (ASX: XAO) by 15%.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Clean Teq (ASX:CLQ) share price unmoved by quarterly update appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!