How Lithium-Ion will shape our future lives
Demand for lithium-ion batteries is growing at an exciting rate, driven in large part by increasing global demand for electric vehicles, mobile devices and grid storage. We see these as important markets, intended to improve our quality of life by reducing air pollution, promoting electronic mobility, enabling portable medical devices and advancing renewable energy. And at the heart of it all is lithium.
As renewable, low-carbon resources, lithium and bio-energies have a vital contribution to make in reducing emissions, particularly in transportation. Lithium is therefore a perfect fit with our ambition to become a responsible energy major. As a pioneer in lithium mining and exploration for more than 20 years, we have a role in the future of the green energy transport sector and the development of pathways leading to a greener future.
Rising demand for lithium is increasing prices for the electric vehicle battery metal, fuelling long-delayed expansions that still may not produce adequate supplies that automakers need to meet aggressive, environmentally friendly production plans.
Recently, General Motors and Ford Motor Co have said they will spend billions of dollars on EV plants. U.S. President Joe Biden has proposed spending $174 billion to boost EV sales and infrastructure. The European Union has similar plans, part of a rush to catch up with global EV leaders such as China.
Global-Tech, therefore, aims to double its production capacity to 175,000 tonnes by the end of 2023 when two new construction projects are complete.
Forecasts call for demand for the white metals to surge from about 320,000 tonnes annually last year to more than 1 million tonnes annually by 2025, when many automakers plan to launch new EV fleets, according to Benchmark.