Hindustan Zinc shares jump over 4% after MoU with AEsir Tech for zinc battery technology

Shares of India's largest zinc producer, Hindustan Zinc, rallied over 4% on Friday after joining hands with AEsir Technologies, a US-based firm specialising in developing next-generation zinc battery technologies.

The stock was trading 4.5% higher at ₹677 on the National Stock Exchange (NSE). It gained 4.9% to ₹679 on the BSE.

According to an exchange filing, Hindustan Zinc will be the preferred zinc supplier to AEsir Technologies.

Zinc-based batteries are an alternative to modern energy solutions, offering higher power at lower cost with longer lifespans of up to 20 years.

The company said that this partnership aligns with its efforts in the transition to clean energy.

Zinc batteries are corrosion-resistant, recyclable, and cost-effective. Compared to other metals, they provide power backup for three to 72 hours and have a six times lower greenhouse gas (GHG) footprint than other technologies.

The regulatory filing said that AESir's nickel-zinc (NiZn) batteries are successful in sectors such as defence, critical infrastructure, 5G telecom, and renewable energy.

Arun Misra, CEO of Hindustan Zinc, said, "Zinc is integral to a low-carbon future...This partnership with AEsir Technologies is yet another step in our ongoing developmental work in the emerging clean technology space. By providing high-quality Zinc for cutting-edge energy storage, we are opening sophisticated new avenues for environmentally friendly solutions for a greener tomorrow".

Shares of Hindustan Zinc, a Vedanta Group company, have gained 107% year-to-date. In the past year, the scrip has risen 115%.