The world may soon run into another severe lithium supply crunch. By 2024, demand for lithium is expected to more than double, as the production of electric vehicle batteries gears up for big growth, as reported by Creamer Media’s Mining Weekly. Very strong growth is forecast in China, for example, which is targeted a 20% share of new car sales by 2025. “The country’s decision to cut subsidies in a phased manner until 2022, rather than eliminating it in 2020, is expected to provide an essential boost to the domestic market, as well as the overall global EV market,” says GlobalData senior mining analyst Vinneth Bajaj. 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. The news is creating excitement for E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF), Albemarle Corporation (NYSE:ALB), General Motors Company (NYSE:GM), Tesla Inc. (NASDAQ:TSLA), and Lithium Americas (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 it has strengthened its technical team with the addition of Dr. Munish Sharma as Senior Engineer, Lithium Process. Dr Sharma is a chemical engineer with significant R&D and product commercialization experience. He obtained his MS and PhD in chemical engineering from State University of New York at Buffalo in 2013. He brings solid experience in material development at bench and pilot scale, including mixed metal oxides for use in adsorbent and catalyst development for oil and gas refining and lithium battery development as well as operating pilot and field demonstrations. He has driven projects from concept to commercialization at UOP Honeywell where he worked as a Senior R&D Engineer.
Dr Sharma also brings 3 years of research experience in the development of novel bimetallic cathodes for lithium batteries where he led projects on battery engineering and testing, lithium battery degradation mechanisms and electrochemical mechanism elucidation. His master’s thesis research title was “Electrochemistry of silver vanadium oxyphosphate (SVOP) cathodes for Li-ion batteries”. To his credit, Munish has 2 U.S. patents and 11 research articles published in the leading journals.
Other related developments from around the markets include:
Albemarle Corporation (NYSE:ALB) a leader in the global specialty chemicals industry, announced that it will release its third quarter 2020 earnings after the NYSE closes on Wednesday, Nov. 4, 2020. The company will hold its conference call to discuss third quarter 2020 results on Thursday, Nov. 5, at 9:00 a.m. ET. This call will be webcast and can be accessed through Albemarle Corporation's website.
General Motors Company (NYSE:GM) announced that its Spring Hill, Tennessee assembly plant will begin the transition to become the company’s third vehicle manufacturing site to produce electric vehicles, joining Factory ZERO in Detroit and Hamtramck, Michigan, and Orion Assembly in Orion Township, Michigan. In addition, the company is confirming investments in five Michigan plants, including the Lansing Delta Township Assembly and Flint Assembly for future crossover and full-size pickup production. The all-new Cadillac LYRIQ will be the first EV produced at Spring Hill. Production of the Cadillac XT6 and XT5 will continue at Spring Hill. The facility will build both traditionally powered Cadillac products and EVs. The six U.S. facility investments total more than $2 billion, bringing the total amount GM has invested or committed to invest in its U.S. manufacturing sites to more than $29 billion since 2009.
Tesla Inc. (NASDAQ:TSLA) will post its financial results for the third quarter of 2020 after market close on Wednesday, October 21, 2020. At that time, Tesla will issue a brief advisory containing a link to the Q3 2020 update, which will be available on Tesla’s Investor Relations website. Tesla management will hold a live question and answer webcast that day at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) to discuss the Company’s financial and business results and outlook.
Lithium Americas Corp. (NYSE:LAC) provided a corporate update regarding the status of the Company and its projects. In addition, the Company has established an at-the-market equity program that allows the Company to issue up to US$100 million (or its Canadian dollar equivalent) of common shares from treasury to the public from time to time, at the Company’s discretion. “With over 60% of the capital costs spent and enhanced COVID-19 health and safety protocols in place, we remain fully-funded to advance Caucharí-Olaroz to production,” said Jon Evans, President and CEO. “In Nevada, the permitting process continues to progress as planned with the public comment period complete on the Draft EIS and local support with the recently approved tax abatements from the Governor’s Office of Economic Development. Finally, the Company has decided to implement an ATM Program to strengthen our position as we advance discussions with potential partners and customers at Thacker Pass.”
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