Why the Renascor (ASX:RNU) share price reached a new high today

The Renascor Resources Ltd (ASX: RNU) share price broke a new high today after announcing a memorandum of understanding (MOU) with a leading Japanese trading company.

Renascor shares reached as high as 18.5 cents at the market open before losing ground throughout the day. By the close of trading, the Renascor share price was up 6.67% at 16.2 cents.

What’s pushing the Renascor share price higher?

In today’s release, Renascor advised it had signed a non-binding MOU with Hanwa CoLtd (Hanwa) to supply purified spherical graphite (PSG).

Founded in 1947, Hanwa is one of the largest traders of battery chemicals in the Asian region. The Japanese…