The Andromeda Metals Limited (ASX: ADN) share price spent much of today in a slump, but a mid-afternoon announcement saw it launching and dropping multiple times.
This afternoon, the company shared news from its subsidiary Natural Nanotech Pty Ltd (NNT).
After the release, the Andromeda share price rose out of the day's red, gaining 5% on Friday's closing price, before falling, rising, and falling again.
Shares in the company eventually closed down 1.72%, trading at 28 cents.
Let's look closer at this afternoon's news.
Image source: Getty Images
Positive results from carbon-capture research
The news from Andromeda this afternoon is of NNT, a jointly owned subsidiary of Andromeda Metals and Minotaur Exploration Ltd (ASX: MEP).
NNT is currently working with the University of Newcastle's Global Innovative Centre for Advanced Nanomaterials (GICAN).
Together, NNT and GICAN researchers found that NNT's halloysite-derived carbon nanomaterials are suitable for carbon adsorption and recycling. Adsorption is the process of atoms, ions or molecules adhering to a surface.
It has been demonstrated that 1 tonne of the nanomaterial can adsorb and capture more than 1.1 tonnes of CO2. Now, researchers will begin working on maximising the nanomaterial's carbon adsorption abilities.
Halloysite-derived nanomaterials have also proven effective in removing microplastics from water. Andromeda, Minotaur and GICAN have secured a $350,000 water treatment research grant to help develop the cheap, environmentally friendly material for use in removing microplastics from contaminated water systems.
Minerals used in the research are sourced from the Great White Kaolin Joint Venture in South Australia, which is also jointly owned by Andromeda and Minotaur.
NNT is now working to commercialise the nanomaterial. In today's release, Andromeda and Minotaur state the product's carbon-capturing ability is considerably better than that of commercial products.
Andromeda Metals share price snapshot
The Andromeda Metals share price has been on a wild ride today.
It started the day trading at 30 cents before falling to 28 cents. After this afternoon's release, the company's share price jumped to 31 cents before dropping to 28 cents. It eventually looked like closing the day in the same place it closed yesterday at 29 cents before dropping to 28 cents in the final moments of trade.
Today's volatility isn't new for the Andromeda Metals share price, which has had a volatile 2021 so far. Currently, it's down by 6% year to date. Although, investors who got on board this time last year will be relishing in an 866% return.
Andromeda has a market capitalisation of around $626 million, with approximately 2 billion shares outstanding.
