LG Energy Solution has succeeded in securing a massive supply of lithium to reinforce its North American supply chain.
On July 7, LG Energy Solution announced that it had signed a long-term purchase contract for 100,000 tons of lithium over seven years with SQM, a leading lithium producer in Chile.
The contract replaces a previous one that LG Energy Solution had with SQM in 2020 and is designed to proactively respond to the soaring global demand for batteries. It nearly triples the remaining seven-year volume of 36,000 tons.
Through this contract, LG Energy Solution plans to receive a large supply of lithium hydroxide, which is used as a raw material for high-nickel high-capacity electric vehicle batteries, as well as lithium carbonate, which is mainly used in low-nickel and lithium iron phosphate (LFP) batteries.
LG Energy Solution has previously announced plans to construct a 16 GWh cylindrical battery factory (27 GWh) and a factory for producing LFP batteries for energy storage systems in Queen Creek, Arizona.
Source : Business Korea
