The Clean TeQ Holdings Limited (ASX: CLQ) share price is the best performer on the All Ordinaries on Thursday.
The cobalt producer's shares rocketed a massive 25% to 25 cents during morning trade. They are still 20% higher at the time of writing.
Why did Clean TeQ's shares rocket higher?
Investors have been buying Clean Teq's shares after it announced a collaboration with Panasonic Corporation Global Procurement Company.
This collaboration is to develop applications for Scandium Aluminium Alloys for Panasonic Group.
In addition to this, the two companies have agreed a binding Scandium Offtake Heads of Agreement. This agreement will see Clean TeQ supply up to five tonnes per annum of scandium oxide from the its Sunrise Project in Australia.
Panasonic Corporation Global Procurement Company.
Panasonic Corporation Global Procurement Company is the strategic procurement entity within the Panasonic group.
Panasonic is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, and B2B businesses. It recorded consolidated net sales of US$72.1 billion for the year ended March 31 2019.
Clean TeQ's Chief Executive Officer, Sam Riggall, appeared to be very pleased with the collaboration.
He said: "We are seeing strong interest in scandium-aluminium alloys from a range of industries. Scandium allows us to create a new generation of aluminium alloys with unrivalled functionality – alloys that are stronger, lighter, corrosion-resistant and weldable."
Mr Riggall believes the company's Sunrise Project will play a key role in the global supply of the rare metal.
"As the largest resource in the world of this rare metal, Clean TeQ Sunrise is expected to become an important source of global supply for decades to come. We are pleased to have initiated this relationship with Panasonic and hope that it will result in new design and engineering opportunities for Panasonic's diverse product range," he added.
