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LG Vitality Resolution has signed a non-binding Memorandum of Understanding (MoU) with Compass Minerals (NYSE: CMP), a supplier of important minerals for producing battery-grade lithium.
Underneath the phrases of the MoU, Compass Minerals would provide LGES with lithium carbonate and hydroxide. LGES could be provided with as a lot as 40% of Compass’s deliberate annual phase-one lithium carbonate and lithium hydroxide manufacturing for 7 years beginning in 2025.
LGES says Compass is the primary US lithium producer to companion with the corporate as it really works to solidify its provide chain within the US and cater to the rising EV demand in North America.
“Securing key uncooked supplies has turn into critically vital, with a view to preserve our lead place within the international battery market,” mentioned Dongsoo Kim, Senior VP of Procurement Middle at LG Vitality Resolution. “LGES will make sure that to assist institution of a gradual provide chain in North America, whereas it continues to hunt and purchase environmentally pleasant battery-grade lithium worldwide.”
Supply: LG Vitality Resolution
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