LG Energy Solution signs 10-year US lithium supply deal with Smackover Lithium
LG Energy Solution is deepening its push to localize critical-mineral sourcing in North America, securing a long-term lithium supply deal with a U.S. developer as it prepares for rising demand for electric vehicles (EV) and energy storage systems (ESS). The company said on Tuesday that it has signed a 10-year deal to secure lithium carbonate from U.S.-based lithium developer Smackover Lithium.…
LG Energy Solution has reinforced its strategy to source critical minerals locally in North America by signing a 10-year lithium supply agreement with a U.S. developer. The company announced on Tuesday that it will secure lithium carbonate from Smackover Lithium, a U.S.-based lithium developer. Under the 10-year deal, LG Energy Solution will receive 80,000 metric tons of lithium carbonate, with deliveries commencing in 2029 once Smackover Lithium begins commercial production.
This volume is sufficient to manufacture batteries for approximately 1.8 million high-performance electric vehicles with a range of over 500 kilometers on a single charge. Lee Kang-yeol, the procurement center leader at LG Energy Solution, stated that the agreement is a significant step towards establishing a robust and resilient supply chain that maintains the company's competitiveness in key strategic markets.
By manufacturing batteries and sourcing lithium within the United States, LG Energy Solution aims to offer competitive and sustainable products.
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