The shares of Barrel Energy Inc [OTC: BRLL] gained 56.44% on the previous close as the stock closed at $0.2575. The 30-day average volume for Barrel Energy stocks was 8.32M, while the volume recorded in the last session was 20.62M.
BRLL stock price ranged in value from $0.0013 to $0.8500 in the last 52-week period. It was not any recent news that impacted the BRLL stock price, but a partnership that was announced this month positively impacted the growth.
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Why was the partnership formed?
Barrels Energy is focused on the development of valuable production opportunities throughout North America. BRLL’s prime focus is on several ventures within the energy and minerals sector.
March 04, 2021 (GLOBE NEWSWIRE) –
This month, Barrel Energy and American Lithium Minerals, Inc. (AMLM) have entered into a Memorandum of Understanding (MoU) for the establishment of lithium-rich production facilities in North America.
- The agreement signed by Barrel and Roshan Energy Technologies on February 10th, 2021 calls for Barrel to become the majority shareholder in Roshan and to build additional lithium battery capacity in India.
- A range of high-end Lithium batteries from Roshan are ideal for the storage of electricity in medical equipment, electric vehicles, home energy storage applications, the telecom sector, and solar street lighting.
- In India, where the government has made ambitious policies towards EVs, Barrel and Roshan are going to make a substantial impact on the rapidly expanding EV market.
- Roshan is already in talks with various automakers for the supply of two-wheeled and three-wheeled EVs.
- Also as part of the Barrel-Rosha agreement, Barrel can assemble Roshan battery products and designs in the U.S.
What will BRLL gain from the MOU?
By signing the MOU, Barrel Energy (BRLL) will be able to adapt the technology developed by Roshan to target the battery metal recycling market in the United States as AMLM agreed with BRLL to host pilot tests, manufacture products, and recycle Lithium at its industrial complexes.