LG Energy Solution signs four-year deal for 240,000 tonnes of Canadian lithium concentrate
In short
South Korean battery maker LG Energy Solution said on October 8 it had signed a long-term agreement with Canadian company Elevra Lithium for lithium concentrate supply. Under the deal, Elevra Lithium will supply 240,000 tonnes of lithium concentrate to LG Energy Solution over four years starting later this year.
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South Korean battery maker LG Energy Solution said on October 8 that it had signed a long-term agreement with a Canadian company to secure lithium concentrate supply. Under the agreement, Elevra Lithium will supply 240,000 tonnes of lithium concentrate to LG Energy Solution over four years, beginning later this year, the company said in a press release, according to 36Kr. CLS, in an earlier brief, described the material as Canadian spodumene concentrate. [ 1 , 2 , 3 , 4 ]
LG Energy Solution said it expects the supply agreement to strengthen its ability to meet local customer demand while supporting the rapid growth of the North American energy storage system (ESS) market, CLS and Jiemian reported. The reports did not give the value of the deal. [ 3 , 4 ]
Why it matters
The company said the agreement should strengthen its ability to meet local customer demand and support the fast-growing North American energy storage system (ESS) market. The reports describe the deal as a way for the battery maker to secure lithium concentrate supply over the next four years.
Key facts
- LG Energy Solution signed a long-term lithium concentrate supply agreement with Canadian company Elevra Lithium. [ 1 , 2 , 3 , 4 ]
- Elevra Lithium will supply 240,000 tonnes of lithium concentrate under the agreement. [ 2 , 3 , 4 ]
- Supply runs for four years, starting later this year. [ 2 , 3 , 4 ]
- CLS described the material as Canadian spodumene concentrate. [ 1 ]
- LG Energy Solution announced the agreement on October 8, according to CLS and Jiemian; 36Kr said it was announced in a press release. [ 2 , 3 , 4 ]
- The company said the deal will help it meet local customer demand and support rapid growth in the North American ESS market. [ 3 , 4 ]
Confirmed by several sources
Still unclear
- Whether the concentrate is specifically spodumene concentrate. Only CLS's first brief describes it as spodumene concentrate; the other reports say lithium concentrate.
- Financial terms of the agreement. None of the documents report a price or contract value.
- Where the supply will be delivered and which LG Energy Solution plants will use it. The documents do not say.
- LG Energy Solution expects the deal to help it meet local customer demand and support growth in the North American energy storage system market. Reported by a single source so far.
What local media are saying
Timeline, local time
- CLS reports LG Energy Solution has reached a multi-year Canadian spodumene concentrate supply agreement with Elevra. [ 1 ]
- 36Kr reports the deal covers 240,000 tonnes over four years. [ 2 ]
- CLS publishes details including the company's expectations for the North American ESS market. [ 3 ]
- Jiemian reports the same details. [ 4 ]