SGL Carbon SE shares climbed the most in almost three months as investors anticipate the maker of carbon components could benefit from Tesla Motors Inc.’s push into batteries that store electricity for buildings.
SGL supplies graphite anodes to Japanese electronics companies Hitachi Ltd. and Panasonic Corp., which in turn sell components to electric carmaker Tesla, according to Marc Gabriel, a Bielefeld, Germany-based analyst at Bankhaus Lampe.
“SGL is one of the few German companies that stand to benefit from any growth in demand for batteries,” he said by phone on Monday.
Tesla Chief Executive Officer Elon Musk last week unveiled a suite of batteries that store electricity for homes, businesses and utilities, saying a more environmentally friendly power grid furthers the company’s mission to provide pollution-free energy. The move signals the Palo Alto, California-based company’s expansion beyond electric cars.
SGL shares gained as much as 5.5 percent, the most since Feb. 16, and traded 2.7 percent higher at 14.95 euros as of 10:16 a.m. in Frankfurt. The stock has gained 9 percent this year, valuing the company at 1.4 billion euros.
The shares may also have been boosted by news last week that competitor GrafTech International Ltd. has been approached about a takeover by Brookfield Asset Management, a spokesman for SGL said by phone. The spokesman confirmed that SGL supplies graphite anodes to Hitachi and Panasonic.