The price of lithium has soared over the past few years.
Demand for the mineral has surged amid plans by governments to promote the use of cars fuelled by cleaner energy sources.
But cobalt, another key battery-making ingredient, seems to have been largely left in lithium's shadow.
However, this appears to be changing as electric car makers scramble to secure supplies.
In one example, German auto giant Volkswagen recently asked cobalt producers to submit proposals on supplying the material for up to 10 years from 2019, according to Reuters.
The price of the ferromagnetic metal has soared amid rising demand.
A year ago a pound of cobalt was changing hands for about US$12.50. Today, it's trading at around US$30 a pound.
Another significant factor that must be attributed to the recent rise in the price of cobalt is the civil unrest that has this year plagued the Democratic Republic of Congo.
It's believed that the DRC accounts for more than 60% of the world's raw cobalt supply.
And China remains the world's largest producer as it refines cobalt-rich ore imported from the DRC.
But Australia has its fair share and is among the world's top ten producers.
In Australia, resources of 1 Mtonne of cobalt metal occur mainly in lateritic nickel deposits, also magnetic Ni-Cu sulphide deposits in mafic and ultramafic rock, according to a report by the South Australian government.
As such, numerous ASX companies are seeking to capitalise, or have capitalised, on the world's thirst for cobalt.
Clean TeQ Holdings Limited (ASX: CLQ), with a market cap of $920 million, owns the Syerston Nickel/Cobalt/Scandium Project in NSW. Its share price has gone from around 40 cents this time last year to close on Tuesday at $1.59, representing a gain of about 290%.
Ardea Resources Ltd (ASX: ARL), with a market cap of $83 million and developer and explorer of cobalt assets, has seen its share price rise from less than 20 cents a year ago to close on Tuesday at $1.10.
But it's not all good news for those with a hand in cobalt.
Companies such as Barra Resources Limited (ASX: BAR) and Havilah Resources Ltd (ASX: HAV) have seen their stock prices plunge over the past year.
That being said, it seems the cobalt companies are worth checking out.
And this could also be worth your time…
