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It's a done deal, the world is going electric. But as the world grapples with reducing carbon emissions and phasing out ICEs, the switch to EVs is already proving to be a costly ride. Elusive semiconductors and lithium batteries are already driving market prices high. However, strategic automakers like Tesla are making fast calls.
Tesla Motors just signed a five-year agreement with Australian Liontown Resources to supply lithium spodumene concentrate, Reuters reported.
According to SGS Mineral Services, spodumene has a lithium content of 8.03%, making it the most important lithium ore mineral. Spodumene comes from Western Australia and is a type of feedstock essential for producing lithium chemicals that eventually end up in batteries used in EVs.
To tone down the effects of global warming, the automotive industry is switching to electric vehicles reliant on lithium batteries. Due to the scarcity of lithium, prices have soared over the last few years forcing scientists to look for advanced tech to employ in batteries to power future electric vehicles. There is an urgent need to improve energy density per cell and ultimately cut their cost.
Liontown Resources will supply 100,000 dry metric tons of the spodumene concentrate in the first year starting from 2024, increasing to 150,000 DMT (dry metric tons) in the following years.
The Australian mining company's shares skyrocketed close to 20% after signing the deal with the U.S. EV automaker on Wednesday. The deal with Tesla accounts for a third of the project's annual production capacity.
According to a team of researchers at the University of Chung-Ang in Korea, Lithium reserves account for as little as 0.002% of the Earth's crust, making it expensive and extremely rare.
Progressive studies to switch lithium for calcium are underway by the same institution. According to their research, Calcium can yield similar results as lithium. It would be interesting to see the effect on the automotive market when and if the switch is successful.
According to SGS Mineral Services, spodumene has a lithium content of 8.03%, making it the most important lithium ore mineral. Spodumene comes from Western Australia and is a type of feedstock essential for producing lithium chemicals that eventually end up in batteries used in EVs.
To tone down the effects of global warming, the automotive industry is switching to electric vehicles reliant on lithium batteries. Due to the scarcity of lithium, prices have soared over the last few years forcing scientists to look for advanced tech to employ in batteries to power future electric vehicles. There is an urgent need to improve energy density per cell and ultimately cut their cost.
Liontown Resources will supply 100,000 dry metric tons of the spodumene concentrate in the first year starting from 2024, increasing to 150,000 DMT (dry metric tons) in the following years.
The Australian mining company's shares skyrocketed close to 20% after signing the deal with the U.S. EV automaker on Wednesday. The deal with Tesla accounts for a third of the project's annual production capacity.
According to a team of researchers at the University of Chung-Ang in Korea, Lithium reserves account for as little as 0.002% of the Earth's crust, making it expensive and extremely rare.
Progressive studies to switch lithium for calcium are underway by the same institution. According to their research, Calcium can yield similar results as lithium. It would be interesting to see the effect on the automotive market when and if the switch is successful.
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