The Strategic Elements Ltd (ASX: SOR) share price is skyrocketing today.
The company's share price has soared 44% to 21 cents at the time of writing. In earlier trade, the Strategic Elements share price hit 23.5 cents, a jump of 62%. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 0.21% in the red today.
Let's take a look at why the Strategic Elements share price is having such a good day.
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Breakthrough development
Strategic Elements shares are charging higher after the company reported a positive development from a collaboration with the University of New South Wales (UNSW).
The company's 100%-owned subsidiary Australian Advanced Materials (AAM) and UNSW have made a step-change in generating electricity from moisture.
It comes as the company eyes the lucrative electronic skin patches market.
Breakthroughs in battery technology have shown the potential to increase electrical charge capacity from milliamp-hours (mAh) to ampere-hours (Ah).
Strategic Elements said this established the technology as a "world leader globally".
In a statement authorised by managing director Charles Murphy, Strategic Elements said:
It wasn't long ago that many said it was impossible to produce any usable energy from moisture.
Our team experienced a lot of scepticism. For us to now realistically target the ampere-hour range generation of electrical energy solely from humidity in the air is a huge achievement.
There is an obvious near-term target market in electronic skin patches, but we are also excited about clearly being in the early stage of testing the fundamental upper limits of this technology.
Strategic Elements operates as a pooled development fund that invests in Australian innovation.
Share price snapshot
The Strategic Elements share price has shed 32% in the past year and is down 24% year to date.
In the past week, it has surged 17%, while it is up nearly 8% in the past month.
For perspective, the benchmark S&P/ASX 200 Index has shed nearly 1% in the past year.
Strategic Elements has a market capitalisation of about $80 million based on today's share price.
