Demand for lithium will be growing in the next few years, and the U.S. wants to raise its part in the global market for the metal used in electric automobile and cell phone batteries, energy storage, and consumer goods.
Bloomberg NEF forecasts the global need for lithium will be two times more by 2025 to about 800,000 tons. Electric automobile batteries will make up the significant share of that need, followed by consumer electronics and energy stock. With this increasing demand, the U.S. is needy to take over the lithium manufacturing market.
San Diego-based company EnergySource is taking this challenge by getting a new lithium extraction method to market that can decrease lithium prices when differentiated with importing the metal from a tiny number of global markets having the capability to keep the cost high. It also reaches into a specific lithium supply that companies have been trying to get for years.
This supply is buried beneath geothermal power factories that have been functioning next to one of the world’s geothermal hot spots — the Salton Sea in the California desert, where the plants have been working since the 1980s. It’sIt’s such a trendy market that, recently, Tesla chief Elon Musk made a bid on a competition — Simbol Materials — costing $325 million. The company cracked not long after, and Tesla and its competitors have been waiting for another supplier from the unique metal market.
Major lithium project advances in the U.S. consist of Piedmont Lithium’sLithium’s hard rock lithium project, Standard Lithium’sLithium’s Arkansas Smackover lithium brine scheme; and Lithium Americas’Americas’ Thacker Pass lithium claystone plan.