LG Energy Solution has signed a long-term supply contract with Elevra Lithium in North America to bolster its battery raw material sourcing network.
Key points
•LG Energy Solution secures 240,000 tons of Canadian lithium
•Strengthening battery raw material sourcing network in North America
•Building stable supply chain for growing ESS market
LG Energy Solution has entered into a long-term lithium concentrate supply agreement with Elevra Lithium, a North American lithium producer. This agreement ensures the company will secure a total of 240,000 tons of lithium concentrate from the end of this year to four years hence.
The contracted volume is equivalent to about 30,000 tons of hydroxide lithium, sufficient for producing batteries for approximately 700,000 high-performance electric vehicles. Lithium concentrate is a raw material obtained by processing lithium ore into either carbonate or hydroxide lithium.
LG Energy Solution enhances its supply chain stability by aligning this contract with its North American production hubs. With increasing demand for energy storage systems (ESS) due to AI data center expansion and renewable energy growth in North America, LG Energy Solution plans to establish five ESS production facilities there.
