Hedge Funds Bullish on Electric Vehicle Sector
EV Attracts Hedge Fund Attention.
Formidable Asset Management is among the many hedge funds keeping a close eye on the electric vehicle market. Following its gains from a bet on Workhorse Group, the fund is looking to invest in Nano One Materials Corp. The company cites its implementation of durable nano crystals as a transformative and potentially profitable feature of the company. According to a report by the hedge fund, Nano One has a capital light and scalable business. Further, Nano One has connections in its industry and access to innovative technology. This makes the company flexible with a lot of potential.
According to Formidable CEO Will Brown and CIO Adam Eagleston, “The market has a tremendous appetite for electric vehicles…We believe Nano One’s unique position and technology make it a compelling way for investors to benefit from the seismic shift.”
It is currently unclear whether the fund already invested in the company and exactly how much stake they will have in Nano One. Shares for Nano One have risen 117 percent this year and the company has a valuable licensing strategy. Although this number is not as impressive as other companies in the industry, Formidable Asset Management claims that their licensing model is what allows it to stand out.
Formidable Asset Management is a hedge fund based in Cincinnati, Ohio. The fund mainly invests in common stocks, preferred stocks, bonds, financial derivatives, and open and close-ended investments. The fund currently has over $460 million in assets under management.
Nano One is a technology company specializing in batter power. It is headquartered in Burnaby, Canada. Essentially, the company specializes in improving the cost and performance of materials for batteries while streamlining the production process and reducing costs. Partnerships include Volkswagen, while Nano One insiders hold about 15 percent of the company altogether.
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