Billions Flow Through European Lithium-Ion Battery Plants
Although the numbers aren’t yet startling, more and more of the world’s cars are electric. Granted, there’s still much work to be done. Just over 3% of 2018 US auto sales were electric. However, most of the vehicles sold in Norway during March 2019 are battery-powered. Consequently, there’s hope. As a result, European Lithium-Ion battery plants are starting to get serious funding.
The underlying logic isn’t hard to follow. Evidently, Li-Ion batteries will be the go-to energy storage source for the next 10+ years. No feasible alternative will emerge in the immediate future.
As a result, European Lithium-Ion battery manufacturing is on the uptick. In particular, Germany has championed the move to plug-in vehicles.
Transition to Electric Fleets Lucrative
Nearly 5% of the European Union’s workforce is employed by the auto industry. Meanwhile, the economic bloc is a global automotive leader.
This explains why flagship brands like Volkswagen have gone green. Admittedly, the world’s biggest automakers focus on electric vehicles for eco-friendly purposes. However, the incentive has shifted in recent months.
Developing a robust electric vehicle fleet is now central to any automaker’s bottom line. This is true for a number of reasons. Most importantly, consumer behaviour is changing. A recent driver survey found that over 75% of Americans want to drive electric vehicles. It’s safe to assume this percentage could be higher in eco-conscious continental Europe.
Lithium-Ion and Lithium Mining
This shift to clean energy has implications beyond Europe. Granted, European Lithium-Ion battery plants will power the continent’s zero-emissions fleet for years. However, competitors surface everywhere.
Nevertheless, these producers must all guarantee a long-term supply of the resource central to the operation: lithium. Currently, all parties already source – or are in talks to source – the mineral from the Lithium Triangle.
The countries of Argentina, Chile, and Bolivia hold 50% of the world’s existing lithium reserves.
Who would’ve expected Europe’s economic future to depend so heavily on South America?
Ultra Lithium Inc. A team of lithium experts with a finger on the pulse of clean energy news, Ultra Lithium is a lithium exploration company with holdings in Argentina, Canada and the US (TSX-V: ULI, OTCQB: ULTXF and Frankfurt: QFB).