Australian battery metals producer Neometals (ASX:NMT) saw an increase of up to 10.0% to A$0.55, marking its biggest intraday hike since July 12.

The stock’s performance has placed it among the top gainers in the ASX All Ordinaries index.

Neometals announced that its joint venture Primobius GmbH, where it owns a 50% stake, will supply a spoke of 10 metric tons per day for shredding lithium-ion batteries.

The shredding process removes inert materials from the batteries to prevent the risk of fire or explosion, pushing NMT to its highest level since August 15.

Despite the recent surge, NMT is still down by 37.5% this year as of its last close, in contrast to a 1.7% rise in the ASX All Ordinaries index.

Neometals is a sustainable battery metals producer focuses on the manufacturing of battery storage, electric vehicle and energy storage applications.