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Vulcan Energy signs binding offtake agreement with LG Energy for lithium hydroxide

Vulcan Energy Resources, the company developing Zero Carbon Lithium projects to produce both renewable geothermal energy and lithium hydroxide for electric vehicles from the same deep brine source in the Upper Rhine Valley, Germany, has signed a binding lithium hydroxide offtake agreement with LG Energy Solution (LGES).

LGES is the second largest battery maker in the world with over 20% market share1 and supplies its products to leading global Original Equipment Manufacturers (OEMs). LGES is currently manufacturing lithium-ion batteries in Poland, US, China, and South Korea, and is looking at expanding its production capacity.

The agreement is for an initial five-year term which can be extended by further five years, with a start of commercial delivery set for 2025.

LGES will purchase between 41,000 to 50,000 metric tonnes of battery-grade lithium chemicals over the duration of the agreement. Pricing will be based on market prices for lithium hydroxide.

Conditions precedent include successful start of commercial operation and full product qualification.

The completion of the binding lithium offtake agreement with LG, in addition to our binding lithium offtake agreements with Volkswagen Group, Stellantis, Renault Group and Umicore, represents a globally unique achievement by the Vulcan Zero Carbon Lithium team. It means that we are fully sold out for the first five years of planned lithium production, which is an important foundation toward securing project finance. We look forward to a long and productive relationship with LGES.

—Vulcan’s Managing Director Dr. Francis Wedin


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