LG Vitality Answer, a producer of lithium-ion batteries, and Liontown Sources, a battery minerals producer, have introduced a partnership that seeks to construct on the 2 firms’ ongoing work within the lithium sector.
The partnership will lengthen the offtake settlement between the 2 entities from 5 to fifteen years and contains plans to analyze the feasibility of setting up an Inflation Discount Act-compliant lithium refinery. The deal will present LG with 700,000 tonnes of lithium spodumene focus over the primary 5 years and 1.5 million tonnes for the rest of the time period.
“By partnering with sturdy gamers like Liontown, we’ll proceed to safe steady provide of IRA-compliant essential minerals, fulfilling our efforts to supply aggressive energy options for electrification,” LG Vitality Answer CEO David Kim stated.
LG will even make investments $250 million in Liontown by way of convertible notes to help the latter’s ramp-up of its Kathleen Valley Undertaking in Western Australia, which is predicted to supply its first lithium spodumene focus by the top of July.
Supply: LG Vitality Answer