05:50 PM EDT, 03/11/2024 (MT Newswires) -- Ferroglobe ( GSM ) and US company Coreshell said late Monday they expect to produce metallurgical silicon for the development of low-cost, high-range electric vehicle batteries under a memorandum of understanding.

The move will help develop EV batteries in compliance with the US Inflation Reduction Act, replacing graphite and silane-based silicon with metallurgical silicon for the first time, the companies said.

Ferroglobe ( GSM ) shares were up 2.8% in after-hours activity.

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