Europe's Race to Expand its Footprint in the Lithium Market
- 30-Mar-2023 3:46 PM
- Journalist: Gabreilla Figueroa
Europe is expanding its footprint in the Electric Vehicle (EV) market through new business acquisitions and the construction of improved infrastructure in the area. There is fierce competition to control the so-called "new sort of petroleum" or "white gold" globally. European Lithium Limited, a mining and exploration company that aims to be the first local supplier into an integrated European battery supply chain, has recently disclosed that it had signed a Heads of Agreement with Onterio Inc., a subsidiary of Richmond Minerals.
The chairman of European Lithium Limited, Tony Sage, said, "The acquisition expands our portfolio of European assets in a recognized jurisdiction where we have exploration and development experience and offers a great chance to secure land in a mostly unknown region that is highly promising for Lithium. Once finished, the company will return to creating and growing crucial metal projects in Europe".
The licenses enclose the Austrian mining region of Styria, which is considered a possible location for Lithium deposits.
In another deal, a Lithium-ion battery recycling contract has been signed between KION, a top global supplier of supply chain solutions and industrial trucks, and Li-Cycle Holding Corporation, a top recycler of Lithium-ion batteries in North America.
Li-Cycle hopes to construct a new battery recycling facility in France in response to the region's rising demand and KION's requirement for recycling Lithium-ion batteries. France's expanding Lithium-ion battery ecosystem is one of Europe's leading recycling and cell production markets.
According to the agreement, Li-Cycle will recycle Lithium-ion batteries from KION's international brands utilizing its unique submerged shredding technique, which is risk-free, eco-friendly, and cost-effective.
European companies have positioned themselves fairly well in Chile and Argentina; however, they have yet to break through to acquire Lithium properly.
The most significant task for Europe in the future will be to develop solutions to accommodate mining projects alongside social and environmental regulations. As can be observed, the European Lithium extraction projects will not start until 2025.
