Lithium could easily run into a massive supply crunch – and fast. In fact, prices could double, if not triple as demand just begins to outweigh supply. For one, the electric vehicle (EV) could dominate demand for lithium over the next 10 years, reports Reuters, accounting for more than 75% of the metal’s consumption. In addition, demand for lithium for products such as cell phones and other consumers goods could reach 377,000 tonnes by 2030, as compared to just 242,000 tonnes in 2020. Plus, according to Corporate Knights, “It’s estimated that three billion tonnes of metals will be required to generate clean energy by 2050. One of those key metals – lithium, a light, highly conductive metal – is critical to the construction of battery electric vehicles (BEV). As global automobile manufacturers design hundreds of new BEVs, demand for lithium is expected to triple in the next five years alone.”
However, there’s a problem. There may not be enough supply to meet all of the demand. According to Reuters, “the electric vehicle industry must pay more for lithium in order to spur investment and prevent future supply crunches of the battery metal, the chief executive of lithium producer Livent Corp said.” He added, “If every EV company took their 2023 plans and went to the lithium market today, they’d probably only get about 15% of their needed supply of lithium.” As the lithium story regains momentum, some of the top companies to watch on such news include E3 Metals Corp. (TSXV: ETMC)(OTC:EEMMF), Tesla Inc. (NASDAQ:TSLA), GreenPower Motor Co. (NASDAQ:GP)(TSXV:GPV), Nano One Materials Corp. (TSXV:NNO)(OTC:NNOMF), and Lithium Americas Corp. (NYSE:LAC).
E3 Metals Corp. (TSXV: ETMC)(OTC: EEMMF) BREAKING NEWS: E3 Metals Corp. an emerging lithium developer and leading lithium extraction technology innovator, today announced the receipt of a government grant totaling $98,798 from Alberta Innovates to support continued project development related to lithium brine production in Alberta. This work is being completed through a joint collaboration with Scovan Engineering Inc. and Fluid Domains Inc.
Alberta has abundant lithium resources that have not been produced commercially to date. E3 Metals has developed the key to unlocking this resource – a proprietary Direct Lithium Extraction technology that is being optimized and scaled up in collaboration with global lithium producer Livent Corporation (NYSE:LTHM). This technology allows the Company to extract lithium from its lithium brine resource at faster production and higher recovery rates than others in the industry.
With support from Alberta Innovates, E3 Metals will be integrating its DLE technology with traditional oilfield methods. Using the drilling, reservoir and facilities expertise based in Alberta, this project aims to optimize and deliver project solutions along with refined capital expenditure estimates for lithium brine production and brine pre-treatment.
“The development work included under this grant will lay the foundation as we begin work towards project feasibility,” commented Chris Doornbos, chief executive officer of E3 Metals Corp. “This grant greatly assists the Company’s advancement and we appreciate the support from Alberta Innovates."
This will be the first work of its kind in Alberta that focuses on lithium, supporting a new and highly prospective industry with alignment to the Canada-US Joint Action Plan on Critical Minerals strategy, which secures supply chains for critical minerals needed for important sectors. The delivery of this work supports E3 Metals’ growth and advancement as the Company moves towards the goal of battery grade lithium hydroxide production in Alberta.
Other related developments from around the markets include:
Tesla Inc. (NASDAQ:TSLA) announced updates to the time, format and location of its 2020 Annual Meeting of Stockholders. Tesla also announced information regarding its separate Battery Day event. Although Tesla believes that the best stockholder experience is a fully in-person annual meeting open to all stockholders, continuing public health and travel-related requirements and advisories have necessitated a unique format for the 2020 Annual Meeting. The following updates supersede anything to the contrary described in Tesla’s updated definitive proxy statement filed with the U.S. Securities and Exchange Commission on August 13, 2020. The 2020 Annual Meeting will be held on Tuesday, September 22, 2020, at 1:30 p.m. Pacific Time. Tesla’s separate Battery Day event will follow immediately after the conclusion of the 2020 Annual Meeting.
GreenPower Motor Co. (NASDAQ:GP)(TSXV:GPV) a leading manufacturer and distributor of zero emission electric powered vehicles serving the cargo and delivery, shuttle, transit and school bus markets, announced financial results for its fiscal first quarter ended June 30, 2020. “We commenced trading on Nasdaq on August 28th, 2020. We’re excited that this provides us access to a broader market and will increase the exposure to GreenPower and its suite of products,” said Fraser Atkinson, CEO of GreenPower. “We continue to make great progress on our strategic objectives and have reached numerous key milestones identified over the past year. GreenPower will continue to focus on the six models within our proven EV Star platform that we can leverage to address a variety of lucrative markets that demonstrate high demand. We now have an even greater ability to pursue these markets aggressively and put additional vehicles on the road.”
Nano One Materials Corp.’s (TSXV:NNO)(OTC:NNOMF) Dan Blondal, CEO is pleased to announce that Nano One has entered into a Joint Development Agreement (JDA) with a multi-billion-dollar Asian cathode material producer. This producer, based outside of China, wishes to remain unnamed at present due to the highly competitive state of the lithium ion battery supply chain. The JDA completely aligns with Nano One’s mission of developing, demonstrating, and licensing of its high-performance lithium ion battery cathode material technology. “We are thrilled to be working with a highly respected cathode producer who shares Nano One’s vision to develop and launch a disruptive cathode business” said Mr. Blondal. “This is a defining moment in our evolution and an important milestone in the advancement of our business.” Under this JDA, the parties will jointly develop and evaluate cathode materials made with combined technologies, including Nano One’s patented One-Pot process for the production of high-performance coated single crystal cathode powders. The JDA also provides a framework to develop a business plan for the commercialization of these jointly developed materials. The potential outcomes of the JDA include formation of a joint venture, licensing of Nano One’s technology and or further joint development work.
Lithium Americas Corp. (NYSE:LAC) is pleased to announce that it has completed the previously announced transaction with Ganfeng Lithium Co., Ltd. in respect of their joint venture company, Minera Exar S.A.). Minera Exar owns 100% of the Caucharí-Olaroz lithium project) currently under development in Jujuy, Argentina. On closing, Ganfeng Lithium subscribed for new shares of Minera Exar for cash consideration of US$16 million increasing its interest from 50% to 51%, with Lithium Americas owning the remaining 49%. In addition, Lithium Americas received US$40 million in cash from the proceeds of a non-interest-bearing loan from Ganfeng Lithium. For more details on the Transaction, please refer to the Company’s press release dated February 7, 2020. “The Transaction with Ganfeng Lithium further strengthens our long-term partnership in Argentina as we work together to bring Caucharí-Olaroz into production,” commented Jon Evans, President and CEO. “With an additional US$40 million in cash on our balance sheet and over US$200 million in available capital to fund our share of Caucharí-Olaroz, Lithium Americas remains in a strong financial position as we advance both of our projects."
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