Cobalt firm taps in to electric car boom with £174m London stock market float

Cobalt Holdings aims to buy up supply of the metal from Glencore as slowing EV growth has pushed down prices

A cobalt trading company has said it will raise 174m in rare a stock market float in London, in a bet on demand for car batteries that defies investor nerves around the growth in electric cars.

Cobalt Holdings said it will raise $230m (174m) in order to buy up a supply of the metal, a crucial element in electric car batteries, from the FTSE 100 mining company Glencore. The miner will invest $24m, taking a stake of about 10%, according to a statement to the London Stock Exchange on Monday.