Shulou(Shulou.com)11/24 Report--

On September 23, according to foreign media reports, South Korean battery maker LG New Energy (LG Energy Solution) said on Thursday that it had signed lithium and cobalt procurement agreements with three major Canadian key mineral suppliers to strengthen its key battery material supply chain in North America.

The three suppliers, Snow Lake Resources (hereinafter referred to as Snow Lake), Electra battery materials (Electra Battery Materials Corporation (hereinafter referred to as Electra) and Avalon Advanced Materials (hereinafter referred to as Avalon), will supply lithium and cobalt to LG new energy.

According to the non-binding memorandum of understanding signed between LG New Energy and Snow Lake, once production starts in 2025, Snow Lake will provide 20, 000 tons of lithium hydroxide to LG New Energy each year for a period of 10 years.

According to the non-binding memorandum of understanding signed between LG New Energy and Avalon, Avalon will supply 11000 tons of lithium hydroxide to LG New Energy each year for a period of five years from 2025.

According to foreign media reports, Avalon plans to establish a regional lithium battery material supply chain in Ontario to meet the needs of future electric vehicles and lithium-ion battery manufacturers in southern Ontario and other areas.

According to the binding agreement signed between LG New Energy and Electra on Thursday, Electra will supply 7000 tons of cobalt sulfate to LG New Energy within three years from 2023.

LG New Energy is a new company that was spun off from LG Chemical (LG Chem) in December 2020 and specializes in battery business. Its customers include Tesla, General Motors and Volkswagen. After the split, LG Chemical will hold a 100 per cent stake in the new company.

It is reported that LG New Energy accounts for more than 20% of the global electric vehicle battery market, has production bases in the United States, China, South Korea, Poland, Canada and Indonesia, and is working to expand its business in North America.

As global carmakers accelerate their transition to electric vehicles, ensuring access to key minerals needed for batteries is becoming increasingly important, the company said.

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