Various businesses, in the midst of the increasing demand for lithium-ion batteries, are hoping to grasp on the “platinum” supply chain in the new era. Green Lithium will be constructing the first large lithium refinery in England that aims to attain an annual capacity of 50K tons.
According to Green Lithium’s statement at the London Stock Exchange, the refinery will be situated at the main Tessport near Teesside, and will take three years to construct under a budget of GBP 600 million, with operation starting since 2025. Green Lithium commented that the company aims to penetrate into the supply chain of lithium-ion batteries, energy storage, grid, and EV batteries.
Being regarded as another form of “platinum”, lithium is a crucial raw material for lithium-ion batteries, and is of great concern on the lifespan of smartphones, computers, various tech products, EVs, and energy storage. The UK hopes to prohibit sales of any gasoline and diesel vehicles by 2030, and accomplish zero emission from new vehicles by 2035. The UK government will also provide a fund of more than GBP 600K for the green lithium industry through the Automotive Transformation Fund.
Ursula von der Leyen, President of the European Commission, also commented that both lithium and rare earth will soon serve more significance over petroleum and natural gas. The global demand for critical minerals such as lithium is expected to increase by fourfold by 2040. Von der Leyen also pointed out the security problem of supply chains since almost 90% of rare earth and 60% of lithium are processed in China.
Grant Shapps, former Home Secretary, commented that the construction period for Green Lithium would offer more than 1,000 job opportunities, as well as introduce 250 long-term and high-tech jobs during the operation period, which would ensure supply chain security for critical minerals, since both the sensitive geopolitics and uncontrollable global events would affect the supply of critical components that would further delay the UK’s EV progress.
(Cover photo source: shutterstock)