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.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Share Market News

A bland looking man in a brown suit opens his jacket to reveal a red and gold superhero dollar symbol on his chest.
Broker Notes

Bell Potter names more of the best ASX 200 stocks to buy in May

These stocks could be best buys this month according to the broker.

Read more »

A financial expert or broker looks worried as he checks out a graph showing market volatility.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these shares.

Read more »

Oil worker using a smartphone in front of an oil rig.
Energy Shares

ASX 200 energy shares plunge on shock OPEC move

ASX 200 energy shares like Woodside and Santos are tumbling on Monday. Let’s find out why.

Read more »

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Share Gainers

Why 4DMedical, Gold Road, Syrah, and Tyro shares are racing higher today

These shares are starting the week strongly. But why?

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

2 ASX gold stocks racing higher in Monday's sinking market

Investors are sending these ASX gold stocks flying higher on Monday. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Brainchip, Helia Group, Reliance Worldwide, and Westpac shares are dropping today

These shares are starting the week in the red. But why?

Read more »

Man looking upwards contemplating which shares to buy
Broker Notes

CSL shares have climbed 10% since 11 April. Is it too late to buy?

What are analysts saying about this biotech giant after its recent rally? Let's find out.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords share just rocketed 19% on BIG news

Investors are sending this ASX All Ords share flying on Monday. But why?

Read more »