Electrification
Will Direct Lithium Extraction Disrupt the $90B Lithium Market?
The following content is sponsored by the EnergyX
Will Direct Lithium Extraction Disrupt the $90B Lithium Market?
Current lithium extraction and refinement methods are outdated, often harmful to the environment, and ultimately inefficient. So much so that by 2030, lithium demand will outstrip supply by a projected 1.42 million metric tons. But there is a solution: Direct lithium extraction (DLE).
For this graphic, we partnered with EnergyX to try to understand how DLE could help meet global lithium demands and change an industry that is critical to the clean energy transition.
The Lithium Problem
Lithium is crucial to many renewable energy technologies because it is this element that allows EV batteries to react. In fact, it’s so important that projections show the lithium industry growing from $22.2B in 2023 to nearly $90B by 2030.
But even with this incredible growth, as you can see from the table, refined lithium production will need to increase 86.5% over and above current projections.
| 2022 (million metric tons) | 2030P (million metric tons) | |
|---|---|---|
| Lithium Carbonate Demand | 0.46 | 1.21 |
| Lithium Hydroxide Demand | 0.18 | 1.54 |
| Lithium Metal Demand | 0 | 0.22 |
| Lithium Mineral Demand | 0.07 | 0.09 |
| Total Demand | 0.71 | 3.06 |
| Total Supply | 0.75 | 1.64 |
The Solution: Direct Lithium Extraction
DLE is a process that uses a combination of solvent extraction, membranes, or adsorbents to extract and then refine lithium directly from its source. LiTASTM, the proprietary DLE technology developed by EnergyX, can recover an incredible 300% more lithium per ton than existing processes, making it the perfect tool to help meet lithium demands.
Additionally, LiTASTM can refine lithium at the lowest cost per unit volume directly from brine, an essential step in meeting tomorrow’s lithium demand and manufacturing next-generation batteries, while significantly reducing the footprint left by lithium mining.
| Hard Rock Mining | Underground Reservoirs | Direct Lithium Extraction | |
|---|---|---|---|
| Direct CO2 Emissions | 15,000 kg | 5,000 kg | 3.5 kg |
| Water Use | 170 m3 | 469 m3 | 34-94 m3 |
| Lithium Recovery Rate | 58% | 30-40% | 90% |
| Land Use | 464 m2 | 3124 m2 | 0.14 m2 |
| Process Time | Variable | 18 months | 1-2 days |
Providing the World with Lithium
DLE promises to disrupt the outdated lithium industry by improving lithium recovery rates and slashing emissions, helping the world meet the energy demands of tomorrow’s electric vehicles.
EnergyX is on a mission to become a worldwide leader in the sustainable energy transition using groundbreaking direct lithium extraction technology. Don’t miss your chance to join companies like GM and invest in EnergyX to transform the future of renewable energy.
Electrification
Ranked: The Top 10 EV Battery Manufacturers in 2023
Asia dominates this ranking of the world’s largest EV battery manufacturers in 2023.
The Top 10 EV Battery Manufacturers in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Despite efforts from the U.S. and EU to secure local domestic supply, all major EV battery manufacturers remain based in Asia.
In this graphic we rank the top 10 EV battery manufacturers by total battery deployment (measured in megawatt-hours) in 2023. The data is from EV Volumes.
Chinese Dominance
Contemporary Amperex Technology Co. Limited (CATL) has swiftly risen in less than a decade to claim the title of the largest global battery group.
The Chinese company now has a 34% share of the market and supplies batteries to a range of made-in-China vehicles, including the Tesla Model Y, SAIC’s MG4/Mulan, and Li Auto models.
| Company | Country | 2023 Production (megawatt-hour) | Share of Total Production |
|---|---|---|---|
| CATL | 🇨🇳China | 242,700 | 34% |
| BYD | 🇨🇳China | 115,917 | 16% |
| LG Energy Solution | 🇰🇷Korea | 108,487 | 15% |
| Panasonic | 🇯🇵Japan | 56,560 | 8% |
| SK On | 🇰🇷Korea | 40,711 | 6% |
| Samsung SDI | 🇰🇷Korea | 35,703 | 5% |
| CALB | 🇨🇳China | 23,493 | 3% |
| Farasis Energy | 🇨🇳China | 16,527 | 2% |
| Envision AESC | 🇨🇳China | 8,342 | 1% |
| Sunwoda | 🇨🇳China | 6,979 | 1% |
| Other | - | 56,040 | 8% |
In 2023, BYD surpassed LG Energy Solution to claim second place. This was driven by demand from its own models and growth in third-party deals, including providing batteries for the made-in-Germany Tesla Model Y, Toyota bZ3, Changan UNI-V, Venucia V-Online, as well as several Haval and FAW models.
The top three battery makers (CATL, BYD, LG) collectively account for two-thirds (66%) of total battery deployment.
Once a leader in the EV battery business, Panasonic now holds the fourth position with an 8% market share, down from 9% last year. With its main client, Tesla, now effectively sourcing batteries from multiple suppliers, the Japanese battery maker seems to be losing its competitive edge in the industry.
Overall, the global EV battery market size is projected to grow from $49 billion in 2022 to $98 billion by 2029, according to Fortune Business Insights.
Electrification
White Gold: Mapping U.S. Lithium Mines
In this graphic, Visual Capitalist partnerered with EnergyX to explore the size and location of U.S. lithium mines.
White Gold: Mapping U.S. Lithium Mines
The U.S. doubled imports of lithium-ion batteries for the third consecutive year in 2022, and with EV demand growing yearly, U.S. lithium mines must ramp up production or rely on other nations for their supply of refined lithium.
To determine if the domestic U.S. lithium opportunity can meet demand, we partnered with EnergyX to determine how much lithium sits within U.S. borders.
U.S. Lithium Projects
The most crucial measure of a lithium mine’s potential is the quantity that can be extracted from the source.
For each lithium resource, the potential volume of lithium carbonate equivalent (LCE) was calculated with a ratio of one metric ton of lithium producing 5.32 metric tons of LCE. Cumulatively, existing U.S. lithium projects contain 94.8 million metric tons of LCE.
| Rank | Project Name | LCE, million metric tons (est.) |
|---|---|---|
| 1 | McDermitt Caldera | 21.5 |
| 2 | Thacker Pass | 19.1 |
| 3 | Tonopah Flats | 18.0 |
| 4 | TLC Lithium | 10.7 |
| 5 | Clayton Valley (Century Lithium) | 6.3 |
| 6 | Zeus Lithium | 6.3 |
| 7 | Rhyolite Ridge | 3.4 |
| 8 | Arkansas Smackover (Phase 1A) | 2.8 |
| 9 | Basin Project | 2.2 |
| 10 | McGee Deposit | 2.1 |
| 11 | Arkansas Smackover (South West) | 1.8 |
| 12 | Clayton Valley (Lithium-X, Pure Energy) | 0.8 |
| 13 | Big Sandy | 0.3 |
| 14 | Imperial Valley/Salton Sea | 0.3 |
U.S. Lithium Opportunities, By State
U.S. lithium projects mainly exist in western states, with comparatively minor opportunities in central or eastern states.
| State | LCE, million metric tons (est.) |
|---|---|
| Nevada | 88.2 |
| Arkansas | 4.6 |
| Arizona | 2.5 |
| California | 0.3 |
Currently, the U.S. is sitting on a wealth of lithium that it is underutilizing. For context, in 2022, the U.S. only produced about 5,000 metric tons of LCE and imported a projected 19,000 metric tons of LCE, showing that the demand for the mineral is healthy.
The Next Gold Rush?
U.S. lithium companies have the opportunity to become global leaders in lithium production and accelerate the transition to sustainable energy sources. This is particularly important as the demand for lithium is increasing every year.
EnergyX is on a mission to meet U.S. lithium demands using groundbreaking technology that can extract 300% more lithium from a source than traditional methods.
You can take advantage of this opportunity by investing in EnergyX and joining other significant players like GM in becoming a shareholder.
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