Toyota-Panasonic battery joint venture to buy lithium from ioneer’s Nevada mine for EVs
The Hindu
The joint venture will allow the purchase of lithium to make electric vehicle batteries in the United States
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.
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The binding supply deal, announced on Sunday, is the second in less than a month for ioneer and a strong vote of confidence in a project that is racing to be the first new U.S. source of the battery metal in decades.
Under the terms of the deal, ioneer will supply 4,000 tonnes of lithium carbonate annually for five years to Prime Planet Energy & Solutions (PPES), which was formed by Toyota and Panasonic in 2020 to better compete with battery market leader Contemporary Amperex Technology Co Ltd (CATL).
Supplies are slated to begin in 2025, a timeline that depends in part on ioneer obtaining financing.
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. PPES, which is based in Japan, has reportedly been considering building a battery plant in western North Carolina.
“The whole purpose of this agreement is for this lithium to be used in the United States,” James Calaway, ioneer’s executive chairman, told Reuters.
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