Albemarle loses more than $1 billion on falling lithium prices
The results underscore the supply glut engulfing the entire lithium industry amid oversupply from China.
American Manganese (TSX.V: AMY) announced this week that it will participate in a U.S. Department of Energy project to advance the economic recovery of lithium-ion battery materials from electric vehicles and other consumer goods.
In a press release, the British Columbia-based firm said the project is titled “Lithium-Ion Battery Disassembly, Remanufacturing, and Lithium & Cobalt Recovery Project” and it focuses on developing an economic recovery strategy for critical materials in end-of-use lithium-ion batteries from electric and hybrid electric vehicles and bicycles, as well as from power tools.
Other AMY partners include Oak Ridge National Laboratory, the Idaho National Lab, Purdue University and Case Western Reserve University.
“AMY is very pleased to become the first private-sector company to participate in this project,” said Larry Reaugh, CEO of American Manganese, in the media brief. “We’re honored to be working with world-renowned national labs and leading U.S. universities on an issue that will dramatically impact our ability to meet rising material demand for lithium, cobalt, manganese and nickel.”
Reaugh noted that the work starts immediately under the supervision of the Critical Materials Institute, which is an energy innovation hub led by Ames Laboratory and supported by the U.S. Department of Energy, Office of Energy Efficiency and Renewable Energy, and Advanced Manufacturing Office.
