Lithium

The market for batteries has exploded in recent years. Demand has grown more than fortyfold since 2010. The major reasons for the growth are electric cars and energy storage for solar and wind. Sales of EVs hit 20 million last year and storage capacity for solar farms has grown twentyfold in just the past 5 years.

Lithium is the key metal for electric vehicle and energy storage batteries. Viewed as a way to strengthen U.S. energy independence, there has been a growing rush for lithium across the country. By 2030, at least six new mining projects are projected to be underway and another 13 will soon follow, mostly in the Southwest. There are more than 100 U.S. projects to which companies have staked claims. Worldwide, there are over 500 proposed lithium mines as the need for batteries skyrockets.

Lithium is driving the global energy transition, being used in the batteries that power electric cars and in the huge banks used for renewable energy storage. Demand for lithium continues to grow with the battery supply chain (from mining to recycling) being projected to reach a market value of $400 billion and create 18 million new jobs.