EV Engineering News

LG Energy Solution invests AUD20 million in Green Technology Metals for lithium supply

LG Energy Solution and lithium exploration company Green Technology Metals (GT1) have signed an AUD20-million equity subscription agreement and an offtake term sheet,  giving LG access to future production from GT1’s flagship Seymour Project in North America.

According to the offtake term sheet, GT1 will sell LG Energy Solution 25% of its spodumene concentrate production from Seymour for five years from the commencement of commercial production.

In the event that GT1 develops a lithium hydroxide conversion facility during this period, it will deliver the equivalent lithia content to LG Energy Solution in the form of lithium hydroxide.

The agreement marks a new extension of LG Energy Solution’s continued efforts to establish a mineral supply chain in North America. The company’s production capacity in the region will eventually reach approximately 300 GWh, representing the largest share of its global production network.

“We have always been committed to expanding our supply chain in North America, as a steady supply of critical minerals, including lithium, is key to ensuring reliable and timely delivery of our innovative power solutions to our customers,” said Myung Hwan Kim, Chief Procurement Officer of LG Energy Solution.

Source: LG Energy Solution via Green Car Congress

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