Eye on Lithium: Toyota teams up with Tesla cofounder (not Elon) for EV battery recycling
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All your ASX lithium news for Wednesday, June 22.
Toyota has teamed up with Redwood Materials – a start up by Tesla co-founder JB Straubel – to explore recycling the company’s hybrid electric vehicle (EV) batteries.
Redwood offers large-scale sources of domestic anode and cathode materials produced from recycled batteries, and plans to ramp production of anode and cathode components in the US to 100 GWh annually by 2025.
That’s enough to produce more than one million electric vehicles a year.
The companies will also look to expand into other areas such as battery health screening and data management, remanufacturing and battery material supply throughout North America.
The partnership will initially focus on monitoring, recovering and recycling aging batteries from Toyota’s Prius and other hybrid-electric vehicles at Redwood’s facilities in northern Nevada. https://t.co/15KWbdW9uu
— Forbes (@Forbes) June 21, 2022
“We are excited to be working with Redwood Materials to identify solutions for our electrified powertrains at the end-of-life that contributes to our vision of creating a sustainable, circular battery ecosystem,” Toyota group VP of business development Christopher Yang said.
“We are committed to developing sustainable solutions that allow our batteries to provide value beyond the initial lifecycle in an electrified vehicle.”
It’s a smart move, considering Toyota’s new North American battery plant is expected to produce battery packs for 1.2m EVs per year, and the company expects to sell 8 million EVs globally by 2030.
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Only 25 stocks were in the green today, 35 flatlined and a massive 68 were in the red.
LPI has entered into definitive binding agreements to consolidate 100% ownership of the Maricunga project in Chile via two all scrip mergers with its joint venture partners Minera Salar Blanco SpA (MSB SpA) and Bearing Lithium Corp. (BRZ:TSXV).
MSB SpA will contribute its 31.31% interest to Delaware company, Salar Blanco, LLC (SBD) which will be a wholly owned subsidiary of MSB SpA – and LPI will consolidate ownership of SBD’s interest in the Project via a Delaware merger with SBD.
And the transaction with Bearing for its 17.14% interest will be completed by way of a Canadian Plan of Arrangement.
“This transaction is a highly logical step for LPI. By assuming full control of the Project, LPI will create a strong platform from which to develop and fund Maricunga,” chairman David Hannon says.
CRR has flagged more spodumene-bearing pegmatite intersections of up to 15m at the Mavis Lake project in Canada.
A total of 30 out of 32 drill holes have intersected spodumene-bearing pegmatite mineralisation, and the company is planning to double its initial drilling campaign over the coming months.
“We are focusing on the Pegmatite 6 zone initially which will form the basis of a JORC compliant Resource estimate and next we plan to be testing the strike extent of mineralisation to the east and north towards the Pegmatite 18 occurrence,” MD Alex Biggs said.
The company has extended its offtake MoU with LG Energy Solution (LGES) with the parties advancing discussions for the long-term supply of battery grade lithium hydroxide from the San José project in Spain.
“Any formal agreement is likely to be subject to standard conditions precedent for an offtake agreement of this nature, including Infinity successfully entering commercial production and producing a product that meets the product specification requirements of LGES,” the company said.
The extension of the MoU will mature on 22 December 2022.