Auto makers around the world are scrambling to secure raw materials to expand battery capacity for electric vehicles.
has its own EV battery supply chain plans. It’s getting into a new part of the battery supply chain that is a license to print money, according to CEO Elon Musk.
potential new business is lithium refining. The company is proposing a new facility in Texas to produce lithium hydroxide, a key component in higher performing lithium-ion batteries, according to a permit application recently made available, reported by Bloomberg.
The refining facility is “the first of its kind in North America,” reads the application. Most lithium ore comes from Australia and South America and ends up being refined in China.
Refined lithium prices have gone from a low of less than $6,000