South Korean battery maker LG Energy Solution has signed a 10-year lithium carbonate supply agreement with U.S.-based Smackover Lithium, starting in 2029. The deal covers 8,000 metric tons annually, totaling 80,000 metric tons—enough for about 1.8 million high-performance electric vehicle batteries. Smackover Lithium, a joint venture between Canada's Standard Lithium and Norway's Equinor, will supply the material from its Arkansas project using low-carbon direct lithium extraction technology, with compliance to the U.S. Inflation Reduction Act's foreign entity restrictions. LG Energy Solution said the agreement strengthens its localized supply chain for the North American energy storage market, boosting competitiveness and sustainability.
South Korean battery maker LG Energy Solution has signed a long-term lithium carbonate supply agreement with U.S.-based Smackover Lithium, the company announced. Under the deal, starting in 2029, LG Energy Solution will receive 8,000 metric tons of lithium carbonate annually for 10 years, totaling 80,000 metric tons. That volume is enough to produce batteries for about 1.8 million high-performance electric vehicles.
Smackover Lithium is a joint venture between Canada's Standard Lithium and Norway's Equinor. The lithium will be sourced from its project in southwest Arkansas, using a low-carbon direct lithium extraction (DLE) technology. The supply chain is structured to comply with the U.S. Inflation Reduction Act's restrictions on foreign entities of concern.
LG Energy Solution said the agreement will strengthen its localized supply chain for the North American energy storage market, enhancing product competitiveness and sustainability. The report was carried by Korea Herald.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
