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LG Energy Solution Partners with Three Canadian Suppliers to Augment Key Battery Material Supply Chain in North America
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LG Energy Solution
Sep 22, 2022, 19:00 ET
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LGES reinforces its cobalt and lithium supply chain in North America by forging comprehensive collaborations with key suppliers in Canada
The company to further expand its efforts in securing raw material supply chain in North America to uphold its mid- to long-term strategy focusing on North American market
SEOUL, South Korea, Sept. 22, 2022 /PRNewswire/ -- LG Energy Solution (LGES; KRX: 373220) today signed separate partnership agreements with three major critical mineral suppliers in Canada. The latest arrangements to secure lithium and cobalt from Snow Lake Resources Ltd. (LITM:NASDAQ) ("Snow Lake"), Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) ("Electra") and Avalon Advanced Materials Inc. (TSX: AVL) ( OTCQB: AVLNF) ("Avalon"), are in line with LG Energy Solution's strategic vision to reinforce its key battery materials supply chain in North America.
In a ceremony held on September 22 (EST) in Toronto, Canada, LGES signed a binding term sheet with Electra. Under the terms, Electra will supply 7,000 tons of cobalt sulfate for three years starting in 2023. Electra is known to be the only supplier capable of refining cobalt sulfate in North America.
LGES also signed two non-binding Memorandums of Understanding (MoU) with Avalon and Snow Lake to secure a stable supply of lithium. Under the terms of the MoUs, Avalon will supply LGES with lithium hydroxide (11,000 tons per year) for five years initially, starting in 2025. LGES will also be provided with Snow Lake's lithium hydroxide (20,000 tons per year) for ten years once the production starts in 2025.
"As we have recently announced our mid- to long-term strategy to focus on North America, the fastest growing EV market, these partnerships serve as a crucial step towards securing a stable key raw material supply chain in the region," said Youngsoo Kwon, CEO of LG Energy Solution. "By constantly investing in upstream suppliers and establishing strategic partnerships with major suppliers of critical minerals, LGES will continue to ensure the steady delivery of our top-quality products, thereby further advancing the global transition to EVs and ultimately to a sustainable future."
The partnerships came to bear fruit, as securing access to critical minerals for batteries has become ever more important amid the global automakers' expedited transition to electric vehicles (EV). The recently-passed Inflation Reduction Act (IRA), which underscores the importance of EV battery components manufactured or assembled in North America, has further stressed the significance of battery manufacturers' establishing local supply chain within North America.
As a leading global manufacturer of lithium-ion batteries, LGES has been at the forefront in securing key raw materials for EV battery production, inking multiple agreements and MoUs with various suppliers. In North America this year, LGES signed a non-binding MoU with Compass Minerals on lithium carbonate and lithium hydroxide. The company also signed a binding term sheet with Canada's Sigma Lithium for the supply of battery-grade lithium.
Additionally, LGES struck two offtake agreements with Australia's Liontown Resources Limited (spodumene concentrate) and Germany's Vulcan Energy Resources Ltd. (battery-grade lithium chemicals), and signed a non-binding MoU with SQM of Chile on investigating and developing joint investment projects of electro-mobility industry value chain.
About LG Energy Solution
LG Energy Solution (KRX: 373220), a split-off from LG Chem, is a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Its robust global network, which spans North America, Europe, Asia, and Australia, includes battery manufacturing facilities established through joint ventures with major automakers such as General Motors, Stellantis N.V., Hyundai Motor Group, and Honda Motor Co., Ltd. At the forefront of green business and sustainability, LG Energy Solution aims to achieve carbon neutral operations by 2050, while embodying the value of shared growth and promoting diverse and inclusive corporate culture. To learn more about LG Energy Solution's ideas and innovations, visit https://www.lgensol.com.
SOURCE LG Energy Solution
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3 años hace
Derek Knight
COO at Snow Lake Lithium
AboutAbout
Junior Mining Exec with public market experience. Completed Ontario Securities Course in 2019. Involved in negotiations which resulted in merger that became Snow Lake Resources.
Believe in aligning with shareholders.
Certified L6S Black Belt, Continuous Improvement Lead, Team building / Coaching, Strategic workplace transformation, 15+ years of Maintenance with Executive level and other leadership experience.
exp Includes SAP, AMMS and Tiger Planning Software, Project Management, and hands on technical Exp. Licensed Plumber, Steamfitter, with Oil, Gas, and many other certs. including writing standards with TSSA for development of Oil Piping Fitter program.
https://www.linkedin.com/in/derek-knight-32886a86/
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3 años hace
Snow Lake Resources Ltd. Announces Pricing of Initial Public Offering
MANITOBA, CAN, November 18, 2021 — Snow Lake Resources Ltd. (Nasdaq: LITM) (“Snow Lake” or the “Company”), a company committed to being the first fully renewable energy powered electric mine that can deliver zero carbon battery grade lithium, today announced the pricing of its initial public offering of 3,200,000 common shares at a public offering price of $7.50 per share, for gross proceeds of $24,000,000 USD, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 480,000 common shares to cover over-allotments at the initial public offering price, less the underwriting discount. All of the common shares are being offered by the Company.
The Company intends to use the proceeds of the offering for resource development activities including
additional exploratory drilling, technical studies and reports, possible strategic project acquisitions, marketing and general corporate purposes.
Snow Lake’s common shares are expected to begin trading on the Nasdaq Capital Market on November 19, 2021 under the symbol “LITM.” The offering is expected to close on November 23, 2021, subject to satisfaction of customary closing conditions.
ThinkEquity is acting as sole book-running manager for the offering.
A registration statement on Form F-1 (File No. 333-254755) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and became effective on November 18, 2021 and a related registration statement is being filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at prospectus@think-equity.com. The final prospectus will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Snow Lake Resources Ltd.
Snow Lake Lithium (SLL) is committed to operating a fully renewable and sustainable lithium mine that can deliver a completely traceable, carbon neutral and zero harm product to the electric vehicle and battery market. We aspire to not only set the standard for responsible lithium battery manufacturing, but we intend to be the first lithium producer in the world to achieve Certified B Corporation status in the process
https://www.sec.gov/Archives/edgar/data/1769697/000121390021060835/ea151069ex99-1_snowlake.htm