Global demand for lithium batteries is expected to surge more than five-fold by 2030, public-private alliance Li-Bridge said on Wednesday, as more people opt for electric vehicles and energy storage systems.
Demand for lithium batteries in the United States is expected to grow more than six times and translate into $55 billion per year by the end of the decade, but still the country is expected to depend on imports for supply, the report added.
Li-Bridge works toward accelerating the development of a robust supply chain for lithium-based batteries and the coordination is led by Argonne National Laboratory, which is funded by the US Department of Energy.
Demand for EVs has soared over the past few years, as climate-conscious consumers snap up cars with electric powertrains, amid soaring fuel prices.
Cadence Minerals plc (LON:KDNC) provides mining services. The Company focuses on finding lithium and other technology minerals in new places, as well as offers extracting services. Cadence Minerals holds approximately 7.2% percent of the equity in European Metals Holdings.