$MEGA - One to Watch as EV Demand Booms The lithium-ion battery market is estimated to hit $127.8B by 2027, growing from the current $46B with a CAGR of 15.5%. Several factors lead to the rise in demand for Li-ion batteries.
- Rapidly increasing demand for EVs
- Portable technology for people unable to work in their office due to COVID
- Energy storage as countries short their electricity production towards renewable a due to climate concerns
https://www.globenewswire.com/news-release/2021/08/05/2275784/0/en/Global-Li-ion-Battery-Market-to-Reach-US-127-8-Billion-by-the-Year-2027.html
At the end of 2020, around 11M electric vehicles were registered on the road last year. By 2030 this number is estimated to balloon to 145M, which will allow for significant growth in the lithium mining sector.
MegaWatt Lithium has a total of 8 exploration projects in Australia and Canada. They have rare-earths, lithium, silver, copper, cobalt, nickel, and many more minerals located on their diverse set of properties, all of which currently have consistent demand with projected growth due to battery uptake in EVs.
By targeting historical sites in some of the safest mining districts globally, $MEGA seems like they already have a paved path into the future. With exploration underway and an experienced team behind the company, I have great expectations for the future.
Currently, they have a market cap of around $16M and have been seeing support at $0.30 since the end of June. I'll be considering adding more if it breaks the support line. GLTA!