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Here’s why the Pilbara (ASX:PLS) share price is edging higher today

The Pilbara (ASX: PLS) share price is edging higher following the launch of its digital sales platform. Here are the highlights.
The post Here’s why the Pilbara (ASX:PLS) share price is edging higher today appeared first on The Motley Fool Australia. –

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The Pilbara Minerals Ltd (ASX: PLS) share price is edging higher following the launch of its digital sales platform.

In late afternoon trade, the lithium miner’s shares are swapping hands for $1.09 apiece, up 1.4%.

What’s pushing the Pilbara share price up today?

In its release, Pilbara advised that it has executed an agreement with GLX Digital to launch a new sales and trading software platform for the Pilgangoora Project.

Known as the ‘Battery Material Exchange’, Pilbara will initially trial the software to sell its unallocated or available spodumene concentrate product.

The Battery Material Exchange will allocate a timeframe for the sale of each cargo. Buyers will then be able to transact through either auction, tender process, or bilateral sales agreement. The company’s standard terms and conditions will apply to each sale, inclusive of letter of credit arrangements. All users will remain anonymous to protect customer relationships through an information security management system.

Adopting the new platform is expected to create additional sales avenues for the company to drive growth. Pilbara stated that the lithium raw materials market was set for another phase of rapid growth.

With the latest software providing a more efficient and sophisticated sales channel to customers, the company is poised to benefit.

Pilbara expects to conduct the first sales in the coming months as the platform is established and goes live.

What did the head of Pilbara say?

Pilbara’s managing director and CEO Ken Brinsden commented:

With significant growth in the battery raw materials supply chain now expected, the introduction of our Battery Material Exchange trading platform should position Pilbara Minerals well to maximise its participation.

Creating a digital marketing and sales platform represents a logical evolution for the industry and we are pleased to be working with GLX Digital to lead the industry.

The Pilbara share price has accelerated to more than 600% over the past 12 months and 25% year-to-date.

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Motley Fool contributor Aaron Teboneras 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 Here’s why the Pilbara (ASX:PLS) share price is edging higher today appeared first on The Motley Fool Australia.

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