Global race intensifies for EV raw materials
A bunch of new developments highlights a wider trend: intensifying efforts by governments and corporations to secure key minerals needed for electric cars and other clean energy tech.
Driving the news: Tesla and Talon Metals announced a deal on Monday to supply the electric automaker with at least 75,000 metric tons of nickel concentrates from Talon's planned mine in Minnesota. The Star Tribune has details.
- Separately, mining giant BHP said that it's investing $100 million in a major project in Tanzania for mining nickel, a key material for vehicle batteries and energy storage projects. The FT has more.
- Meanwhile, Bloomberg reports: "France is aiming to raise 1 billion euros ($1.1 billion) to help secure enough supply of metals for industries like battery manufacturing as prices of raw materials skyrocket."
- Back in the U.S., California Gov. Gavin Newsom's just-proposed budget plan aims to help spur the development of lithium deposits in the Salton Sea area.
Why it matters: A global transition to cleaner mobility and power sources is slated to bring soaring demand for materials like lithium, nickel, cobalt, rare earth minerals and more.
Catch up fast: These are just the latest in a suite of plans among automakers, battery companies and others to lock down supplies of critical materials for electric vehicle components.
- To take just one example, General Motors last month announced two deals aimed at securing magnets and their raw material for EV motors.