GM has struck a deal with a mining company to acquire lithium
GM has struck a deal with a mining company to acquire lithium, a key component in electric vehicle batteries, from geothermal reserves in the United States. The automaker is investing “multi-million dollars” in Australia’s Controlled Thermal Resources (CTR) to aid the mining company’s efforts to produce lithium from the Salton Sea Geothermal Field in California.
Given the lack of full-scale lithium production from geothermal wells in the United States, it’s a hazardous bet for GM. Lithium brine resources in South America’s “lithium triangle” of Argentina, Chile, and Bolivia, as well as hard-rock deposits in Australia, provide a significant portion of the world’s lithium.
In any event, it’s an indication that GM is considering the possibility of switching to an EV-only company by 2035.
CTR’s CEO, Rod Colwell, recently revealed to Fortune. GM’s investment, the value of which the company declined to reveal, will not be repaid quickly. The first phase of CTR’s project will not deliver lithium until 2024. Regardless, Grewe stated that GM will work as quickly as possible to coordinate lithium for its batteries, “attempting to beat ” if possible.To stay updated with the latest updates on celebrities, Hollywood, sports, technology and business, stay updated with the recent news of The Midget Herald.