Vulcan Energy Resources signs long-term lithium hydroxide offtake deal with LG Chem
2021-07-20 13:43:07 [Print]
Australia-based Vulcan Energy Resources said on July 19 it had signed a long-term deal to sell lithium hydroxide from its German project to the battery unit of South Korea's LG Chem.
Vulcan said the five-year deal could be renewed for five more years. The contract is expected to be finalised by the end of November.
The company said LG Chem's LG Energy Solution (LGES) would buy 5,000 tonnes of battery grade lithium hydroxide in 2024, the first year of production, rising to 10,000 tonnes a year. LGES will use the lithium to make battery cathodes.
The LGES deal is the first for Vulcan's German project, accounting for a quarter of its output from its five planned plants, which are expected to be operating from 2026.
Vulcan said the five-year deal could be renewed for five more years. The contract is expected to be finalised by the end of November.
The company said LG Chem's LG Energy Solution (LGES) would buy 5,000 tonnes of battery grade lithium hydroxide in 2024, the first year of production, rising to 10,000 tonnes a year. LGES will use the lithium to make battery cathodes.
The LGES deal is the first for Vulcan's German project, accounting for a quarter of its output from its five planned plants, which are expected to be operating from 2026.
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