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Ford Motor Company and Portland General Electric announced a collaboration to help prepare the city of Portland share information on charging needs and requirements to ensure the electrical grid can support the necessary demand for electric vehicles. The recent collaborative follows a press release from the US Department of Energy for a $2.4 billion investment to further accelerate the manufacturing and deployment of electric vehicles, batteries, and components in the US.
Ford Motor Company (NYSE:F) and Portland General Electric (NYSE:POR) announced a collaboration to prepare the city of Portland by sharing information on charging requirements. The aim is to ensure the electrical grid can support the necessary demand for electric vehicles, in addition to consulting on consumer education advocacy around electric vehicles. The allegiance between Ford and PGE also includes working with state and local governments to support electric vehicle tax credits, charging station permitting and future legislation.
Over the next two years, Ford expects to launch a Transit Connect Electric small commercial van, the Ford Focus Electric passenger car, two next generation lithium-ion battery hybrids (2012) and a plug-in hybrid (2012).
Portland General Electric Company is an integrated electric utility involved with the generation, distribution and retail sale of electricity in the state of Oregon, and is also participating in the wholesale market by purchasing and selling electricity and natural gas in order to manage its net variable power costs (NVPC).
The recent collaborative announcement follows a press release earlier this month from the US Department of Energy (DOE) detailing a $2.4 billion investment to further accelerate the manufacturing and deployment of electric vehicles, batteries, and components in the US via grants to 48 new advanced battery and electric drive projects under the American Recovery and Reinvestment Act. The administration has demonstrated a strong ongoing commitment to developing this sector, with President Obama’s goal of reducing US dependence on oil.
Energy Secretary Steven Chu exhibited optimism in the press release for the grants saying, “They will help achieve the president’s goal of putting one million plug-in hybrid vehicles on the road by 2015. And, most importantly, they will launch an advanced battery industry in America and make our auto industry cleaner and more competitive.” China has also confirmed policy objectives to support electric vehicle adoption by announcing its own investment of more than $15 billion in electric vehicles during the next 10 years.
Mining News
Last week, a subsidiary of Nordic Mining (OSL:NOM) announced positive results from a lithium exploration program during the June-August field season that included both inspecting boulders and other spodumene pegmatite indications, and tracking new ones in areas where the company has claim reservations. The Nordic Mining exploration program is in the province of Western Finland north east of the Seinäjoki area, which is known to host lithium mineralization as well as tin, tantalum, beryllium, niobium, tungsten and cesium. The objective of the detailed mapping is to improve the geological and structural interpretation of drilling data.
Last October, Nortec Minerals Corp. (TSXV:NOM) acquired an option for a claim reservation on a 900 hectare area 35km east of Seinäjoki, with historical production of 18 tonnes of beryl (source for beryllium), 5 tonnes of columbite (source for both tantalum and niobium); and 190,000 tonnes of feldspar (containing rare earth oxide).
Future Developments
August 27 promises to be an interesting date for lithium investors as the Chief Executive Officer of Rockwood Holdings Inc. (NYSE: ROC), Seifi Ghasemi will be the keynote speaker at the pre-Opening Bell institutional reception for the New York Stock Exchange, hosted by Global X Funds. He is expected to address the “future of lithium” and the electrification within the transportation industry. He will share the podium with Bruno del Ama, the Chief Executive Officer of Global X Funds, issuer of the recent Lithium exchange-traded fund (NYSE:LIT). Global X Chief Executive Officer, Bruno del Ama said, “We are honored to have Seifi with us to address what the energy and commodity worlds are talking about – lithium, and how to invest in it.”
Next Tuesday, Sociedad Quimica y Minera de Chile S.A., or SQM (NYSE: SQM) is anticipated to release its second quarter earnings, which will also be worthy of attention for lithium investors.