Infinity Lithium Corporation Ltd (ASX:INF) has reported that it has entered into a non-binding MOU with South Korean lithium-ion battery manufacturer LG Energy Solution for the supply of battery-grade lithium hydroxide.
The MOU covers a 5 + 5 year period, and covers lithium hydroxide supply from the San Jose Lithium Project in Spain.
Key terms of the MOU include:
- Non-binding agreement to supply of lithium hydroxide for initial 5 year period, with option to extend for an additional 5 years
- 10,000tpa of supply, with additional volumes subject to negotiation
- Price to be based on market prices at time of purchase
San Jose Lithium Project
Infinity Lithium is a 75% owner of the San Jose Lithium Project, located in the western Spanish region of Extremadura. The project is expected to be developed as an open pit operation, with ore treated and refined onsite.
LG Energy Solution
South Korea’s LG Energy Solution (LGES) is a world leading manufacturer of next-gen lithium-ion battery technology for Electric Vehicles, Mobility & IT, and Energy Storage Systems applications. LGES is the only chemical-based battery company in the world, and is home to over 23,000 employees across the US, Europe, Asia, and Australia.
“We are delighted to announce the commencement of a long-term commercial relationship with tier one partner LG Energy Solution”
Management Comments
Infinity’s CEO and Managing Director Ryan Parkin said: “We are delighted to announce the commencement of a long-term commercial relationship with tier one partner LG Energy Solution, welcoming the potential to support a global leading lithium-ion battery producer to secure essential facets of the supply chain.”
