Rhyolite Ridge project is racing to be first new U.S. source of lithium in decades
A joint battery venture of Toyota Motor Corp and Panasonic Corp will buy lithium from ioneer Ltd’s Rhyolite Ridge mining project and use the metal to build electric vehicle batteries in the United States.
Under the terms of the deal, ioneer will supply 4,000 tonnes of lithium carbonate annually for five years to Prime Planet Energy & Solutions , which was formed by Toyota and Panasonic in 2020 to better compete with battery market leader Contemporary Amperex Technology Co Ltd .The deal includes a commitment from PPES that ioneer’s lithium will be used to build EV battery parts inside the United States for the U.S. EV market.
A proposed expansion of the U.S. EV tax credit would require that lithium and other EV minerals be sourced domestically or from allies starting as soon as next year. That potential change, which is under debate in Congress, has shown a spotlight on the nascent U.S. development plans of battery and automakers.
The amount of lithium that ioneer will supply PPES is enough to make batteries for about 150,000 EVs annually, though that figure would vary depending on design and other factors.
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