The Brisbane battery materials company, headed by rich lister Trevor St Baker, was tipped to be a major beneficiary from Musk’s electric vehicle company Tesla last year.

Speculation that it would be a supplier to Tesla sent its shares to almost $2, but the speculation fell flat after “Battery Day”, an event which Musk uses to outline his approach.

But an incoming Biden presidency has lifted the stock from $1 at the start of January to $1.55, but it has traded above $1.60. The surge was curtailed slightly this week when analysts said the increase was overdone.

The Democrats are expected to introduce policies to address climate change which, in turn, could lead to more electric vehicles.

In December, Novonix said it was expanding its production capacity for battery-grade synthetic graphite and Samsung and Samsung SDI had agreed to a collaboration in “next generation” technologies.

Meanwhile, Panasonic has announced it would make cobalt-free batteries available for Tesla’s electric vehicles in two to three years.

Cobalt is a significant factor in the high price of EVs and account for as much as 40 per cent of the cost.

In the US, Biden was likely to impose high emission and environmental standards and push for the uptake of electric vehicles. He has named former auto industry executive and Michigan Governor Jennifer Granholm as his energy secretary and investors expect she will introduce incentives to expand EV use.