EnergyX raises another $50 million, opens new production facility in Austin, Texas
The company's technology has raised over $110 million and is backed by investors including General Motors, Eni, and POSCO.
Miner International Battery Metals said on Wednesday it would suspend operations at its modular direct lithium extraction (DLE) plant at private firm US Magnesium until the metal’s prices recovered.
US Magnesium, a producer of magnesium, uses IBAT’s lithium chloride to make lithium carbonate for sale to battery makers.
IBAT’s move comes amid a more than 80% drop in lithium prices in the past year largely due to overproduction from China and a drop in demand for electric vehicles.
The weak pricing environment has led to companies like Chinese battery giant CATL suspending production at certain mines. Albemarle, the world’s largest lithium miner, made a second round of cost cuts earlier this year and laid off people, while Piedmont Lithium also withdrew its loan application to fund mine development to conserve cash.
IBAT in July launched its DLE technology to commercially produce lithium, competing with Standard Lithium, SLB, Rio Tinto and others to be the first to use the novel method.
“Since the beginning of June, there has been significant weakness in pricing,” said Iris Jancik, chief executive officer of IBAT.
“We still expect the lithium market to grow and are optimistic we will see better conditions in 2025.”
(By Seher Dareen; Editing by Maju Samuel)
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