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LG Energy Solution has acquired a 7.98% stake in Australia's Green Technology Metals to secure a stable supply channel for lithium. The South Korean battery manufacturing company signed an investment deal with the latter for an undisclosed amount.
Aju Business Daily reported that LG Energy Solution forged a partnership with Green Technology Metals through the acquisition deal. This will give the company 5-year access to 25% of concentrated lithium ore per year, which is manufactured from the latter’s mine located in Seymour, Indiana, in the United States.
The Australian lithium producer and supplier operates four lithium mines in the North American territory, and the one in Seymour has around 1,000 tons of lithium deposits.
The acquisition of Green Technology Metal is part of LG Energy Solution’s strategy in its bid to diversify and further broaden its lithium supply sources. The deal comes as the leading battery makers around the world are competing to acquire sources so they can have stable supply channels for rare metals, lithium, and other battery materials.
“We have always been committed to expanding our supply chain in North America, as a steady supply of critical minerals, including lithium, is key to ensuring reliable and timely delivery of our innovative power solutions to our customers,” LG Energy Solution’s chief procurement officer, Myung Hwan Kim, said in a press release. “Thanks to partnerships with competent local suppliers like GT1, we will continue our devotion to expediting the EV transition in North America, through our product competitiveness and operational excellence.”
Green Technology Metals’ chairman, John Young, also commented, “We welcome the execution of these important agreements with LGES and look forward to their contribution as a new strategic partnership with GT1, alongside AMCI, Lithium Americas and Primero. LGES brings global scale and expertise in battery manufacturing as well as balance sheet strength as GT1 rapidly advances its integrated lithium strategy in North America.”
