To construct electric vehicle batteries in the United States, a joint venture between Toyota Motor Corp. and Panasonic Corp. will purchase lithium from ioneer Ltd.’s Rhyolite Ridge mining facility.
The legally binding supply agreement, announced on Sunday, is Ioneer’s second in less than a month and represents a significant vote of confidence in a project that is vying to become the first brand-new U.S. source of the battery metal in decades.
To better compete with battery industry leader Contemporary Amperex Technology Co Ltd, Toyota and Panasonic launched Prime Planet Energy & Solutions (PPES) in 2020.
Under the terms of the agreement, ioneer will provide 4,000 tonnes of lithium carbonate annually for five years to PPES (CATL).The start of supplies is anticipated for 2025; however, this schedule is contingent on ioneer securing funding and permits.
