The world could soon run into a massive lithium supply crunch.
All thanks to the electric vehicle boom that shows no signs of slowing down. In fact, we can see just how enthused EV investors have become by looking at stocks, like Tesla and Nio. While the pandemic has slowed growth, EV demand is only expected to accelerate.
In fact, according to Bloomberg New Energy Finance, as noted by Forbes, "Sees improved batteries, more readily available charging infrastructure, new markets, and price parity with internal combustion engine (ICE) vehicles as major drivers. The study finds that EVs will hit 10% of global passenger vehicle sales by 2025, rising to 28% in 2030 and 58% in 2040."
However, for that to happen, the world needs far more lithium supply.
Helping to fuel demand further are companies like General Motors, which just announced that it will invest $2.2 billion in U.S. manufacturing to increase EV production. GM is also planning to unveil about 20 new EVs around the world by 2023, including the GMC Hummer EV.
California Gov. Gavin Newsom just signed an executive order that will ban the sale of gas-powered passenger cars in the state starting in 2035. That means only EVs will be available for purchase in the next 15 years. And, in Europe, "Automakers need to sell more electric vehicles after EU lawmakers in December 2018 ordered them to cut CO2 emissions by 40 percent between 2007 and 2021, and then by a further of 38 percent by 2030, or face fines."
For any of that to happen, the world desperately needs much more lithium supply.
If not, prices could rocket higher - and fast.
Both E3 Metals and Livent continue working towards the goal of producing a commercial sorbent and process. Under the Joint Development Project, the updated plan has set the priority on completing Stage 1 as soon as possible. Once Stage 1 is complete, the process is expected to be demonstrated in a pilot plant. The development work has enhanced the performance on multiple levels, which include improved speed and efficiency of lithium recovery.
"The first phase of the joint development project is an essential step in initiating a robust and economically viable process for commercializing lithium production from Alberta brines," commented Chris Doornbos, president and chief executive officer of E3 Metals. "The positive results so far are a function of the joint technical expertise. E3 Metals is committed to demonstrating our proprietary process by constructing and operating a pilot plant."
For more information, visit the company's website at https://www.e3metalscorp.com
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