PPG Industries to partner with SiNode
On November 16, 2017, PPG Industries (PPG) and SiNode Systems entered into a partnership for a 30-month project to develop high-energy anode materials that help store more energy than lithium-ion battery materials. The objective is to enable electric vehicles to have more travel distance on a single charge and reduce the weight of the battery.
SiNode was selected for this project by the United States Advanced Battery Consortium. The project is funded 50% by the United States Department of Energy and 50% by project partners. PPG Industries will get graphene from Raymor Industries and help SiNode prepare high-energy anode materials.
Samir Mayekar, SiNode’s co-founder and CEO (chief executive officer), said, “Partnering with PPG will allow us to accelerate the commercialization of our battery materials platform for a wide range of markets, from consumer electronics to electric vehicles. Our team is thrilled to collaborate with PPG.”
PPG stock update
PPG stock fell 0.7% and closed at $113.83 for the week ended November 17, 2017. Despite the fall, PPG stock was trading 4% above the 100-day moving average of $109.45, indicating the prevailing upward trend in the stock. So far in 2017, the stock has risen 20.1%. Analysts have projected PPG stock to be $121.71, which is 6.9% higher than the closing price on November 17, 2017. PPG’s 14-day relative strength index of 46 indicates that the stock is neither overbought nor oversold.
Investors can indirectly hold PPG by investing in the Materials Select Sector SPDR ETF (XLB) that has invested 4.6% of its portfolio in PPG industries. The other holdings of the fund include DowDuPont (DWDP), Monsanto (MON), and Air Products & Chemicals (APD) with weights of 23.2%, 8.2%, and 5.5%, respectively, as of November 17, 2017.