TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
More
    HomeEV BusinessLG Energy Solution Signs MoU with Compass Minerals for Supply of Battery-Grade...

    LG Energy Solution Signs MoU with Compass Minerals for Supply of Battery-Grade Lithium

    LG Energy Solution (LGES) is branching out in its efforts to secure a supply chain of materials as it ramps up its battery production to satiate the growing market demand.

    LGES on Wednesday announced that it has signed a non-binding Memorandum of Understanding (MoU) with Compass Minerals (CMP), a leading provider of essential minerals, critical to producing battery-grade lithium.

    Under the terms of the MoU, Compass Minerals would supply LGES with lithium carbonate and hydroxide. The MoU states that LG Energy Solution would be supplied with as much as 40% of Compass Minerals’ planned annual phase-one lithium carbonate and lithium hydroxide production for 7 years starting in 2025. LGES and Compass Minerals have committed to continuing good-faith negotiations toward a binding supply agreement.

    Compass Minerals is widely known to deliver essential minerals like Sulfate of Potash, Sodium Chloride and Magnesium Chloride and is currently pursuing development options available to service the growing US market demand for battery-grade lithium.

    The battery manufacturer added that this is the first US-based lithium producer to partner with the company as it looks to solidify its supply chain in the U.S. and cater to the growing market demand for EVs in North America.

    “Securing key raw materials has become critically important, in order to maintain our lead position in the global battery marketLGES will make sure to support establishment of steady supply chain in North America, while it continues to seek and acquire environmentally friendly produced battery-grade lithium worldwide,” Dongsoo Kim, Senior Vice President of Procurement Center, LGES, said.

    LG Energy Solution has been at the forefront in securing key raw materials for EV battery production. Apart from the MoU with Compass Minerals, LGES signed MoU with SQM of Chile as the two firms agree to commit to investigate and develop joint investment projects of the electro-mobility industry value chain.

    LGES also executed an offtake agreement with Liontown Resources Limited for the supply of spodumene concentrate from the Kathleen Valley Lithium Project. The deal states that LGES will be supplied of up to 150,000 dry metric tonnes per annum of spodumene concentrate, starting 2024.

    The battery manufacturer signed a binding lithium hydroxide offtake agreement with Germany’s Vulcan Energy Resources Ltd. earlier this year for at least 41,000 tonnes of battery grade lithium chemicals over the 5 years starting 2025.

    Previously, LGES had agreed to purchase up to 150,000 tonnes a year of battery-grade lithium as part of a six-year “take-or-pay” agreement from the Vancouver-based Sigma Lithium in October of last year.

    Related Post

    Most Popular

    Best Picks

    Aimil Ltd.: Setting the Benchmark for Instrumentation Solutions at Auto EV India 2023

    Aimil Ltd., an ISO 9001:2015 certified company with a heritage tracing back to 1932, holds a prominent position as a leading provider of cutting-edge...

    Electrify Your Future: A Thriving Career in the E-Mobility...

    In an era where sustainability and innovation reign supreme, the E-Mobility sector has emerged as the driving force behind a transformative shift in the...

    X0115ML, the smallest SCR now supports a surge peak...

    Author: STMicroelectronics The X0115ML is our first compact silicon control rectifier (SCR) for ground fault circuit interrupters (GFCIs) and arc-fault circuit interrupters (AFCIs) that can withstand a...

    Exploring the Future of Electronics: Unveiling the Power of...

    In a recent interview conducted by technology journalist Himanshu Vaibhav of eletimes.com and timesev.com, Dr. John W. Mitchell, President & CEO of IPC, discussed...

    Navigating Defense Challenges: Insights from Chris Peters, USPAE Founding...

    In a recent interview conducted by technology journalist Himanshu Vaibhav from eletimes.com and timesev.com, Mr. Chris Peters, the Founding Executive Director of the U.S....

    Driving Innovation: Cientra’s Leadership in Automotive and Telecom Technology...

    Cientra stands as a prominent leader in the realm of technology solutions. Consistently, they innovate and advance their proprietary technologies to cater to the...

    STM32Wx microcontrollers is an ideal fit for RF designers...

    The STM32Wx microcontrollers enable wireless connectivity supporting the sub-GHz band and the 2.4 GHz frequency range. STM32 Wireless MCUs are highly integrated and reliable...

    Veridify, Overcoming the challenges of OT security in building...

    Despite popular belief, it is possible to secure legacy embedded systems properly, even if they lack today’s iron-clad cryptographic capabilities, the latest protections, or...

    Tsuyo’s Vision for Future Manufacturing: Incorporating Emerging Technologies and...

    Tsuyo Manufacturing is deeply committed to offering highly reliable, robust, and durable products designed to withstand a wide range of exposure and service conditions...

    Must Read