Toyota-Panasonic Joint Venture Will Purchase Lithium From Ioneer’s Nevada mine 2022

Toyota-Panasonic Joint Venture Will Purchase Lithium From Ioneer’s Nevada mine 2022

Toyota Motor Corp and Panasonic Corp will buy lithium from Ioneer Ltd.’s Rhyolite Ridge mining project.

A joint battery project between Toyota Motor Corp and Panasonic Corp will buy lithium from Ioneer Ltd.’s Rhyolite Ridge mining project and use the metal to build electric car batteries in the United States.

The binding supply deal, announced Sunday, is the second in less than a month for Ioneer and a strong vote of confidence in a project that is vying to be the first new U.S. exporter of metal batteries in decades.

toyota-panasonic-purchase-lithium-from-mine

Under the terms of the agreement, Ioneer’s will supply 4,000 tons of lithium carbonate per year for five years to Prime Planet Energy & Solutions (PPES), which was formed by Toyota and Panasonic in 2020 to better compete with battery leader Contemporary Amperex Technology Co. Ltd market. (livestock)

Supplies are scheduled to begin in 2025, a timeline that depends in part on Aeon obtaining funding and permitting.

The deal includes a commitment from PPES that the lithium-Ioneer will be used to build electric vehicle battery parts in the United States for the US electric vehicle market. Japan-based PPES is said to be considering building a battery plant in western North Carolina.

“The whole purpose of this deal is to use this lithium in the United States,” James Calaway, CEO of Aon, told Reuters.

The proposed expansion of the US electric vehicle tax credit would require purchasing lithium and other metals for electric vehicles domestically or from allies beginning next year. This potential change, which is being discussed in Congress, has put a spotlight on plans for budding US automakers and battery development.

toyota-panasonic-purchase-lithium-from-mine

“Having an agreement with Ioneer provides PPES with a first step in securing US lithium supplies,” PPES President Hiroaki Koda said, adding that he had “confidence in Ioneer’s technology.”

The amount of lithium-ion that the PPES will provide is enough to make batteries for about 150,000 EVs per year, although this amount can vary based on design and other factors.

Australia’s Ioneer aims to produce about 21,000 tons of lithium in Nevada annually from 2025. Toyota signed a supply agreement with Ford Motor Company in mid-July and last year with South Korea’s EcoPro.

The Rhyolite Ridge project has faced opposition from some conservationists who fear it could harm a rare flower known as Tiehm’s buckwheat, though Ioneer said it believes it can safely extract lithium while protecting the plant.

“We figured out how we could build the mine and not touch the buckwheat at Team,” Calaway said.

“Having an agreement with Ioneer provides PPES with a first step in securing US lithium supplies,” PPES President Hiroaki Koda said, adding that he had “confidence in Ioneer’s technology.”

The amount of lithium-ion that the PPES will provide is enough to make batteries for about 150,000 EVs per year, although this amount can vary based on design and other factors.

Australia’s Ioneer aims to produce about 21,000 tons of lithium in Nevada annually from 2025. Toyota signed a supply agreement with Ford Motor Company in mid-July and last year with South Korea’s EcoPro.

Australia’s Ioneer aims to produce about 21,000 tons of lithium in Nevada annually from 2025. Toyota signed a supply agreement with Ford Motor Company in mid-July and last year with South Korea’s EcoPro.

The Rhyolite Ridge project has faced opposition from some conservationists who fear it could harm a rare flower known as Tiehm’s buckwheat, though Ioneer said it believes it can safely extract lithium while protecting the plant.

“We figured out how we could build the mine and not touch the buckwheat at Team,” Calaway said.

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