Compass Minerals signs binding multiyear agreement to supply ford motor company with battery-grade lithium carbonate.
Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, announced the signing of a binding, multiyear supply agreement to provide Ford Motor Company (Ford; NYSE: F), a global auto manufacturer, with battery-grade lithium carbonate from its Ogden, Utah, lithium brine development project.
Kevin S. Crutchfield, president and CEO, said:
We are excited to formalize a long-term relationship with Ford, one of the most trusted and iconic brands in the automotive industry and a leader in the transition to vehicle electrification.
“We look forward to building an alliance that will support Ford’s electric vehicle strategy by providing a reliable, domestic lithium supply.”
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Under the agreement, Compass Minerals will deliver up to 40% of its planned, phase-one battery-grade lithium carbonate to Ford for a five-year term once production begins.
As previously announced, the company expects an annual commercial production capacity of approximately 35 kMT lithium carbonate equivalent (LCE) once fully operational, with an initial phase-one capacity of approximately 11 kMT battery-grade lithium carbonate coming online in 2025.
Lisa Drake, Ford’s vice president of EV Industrialization, Model e. said:
This is an exciting period of innovation and growth for EVs.
“The work we are doing with Compass Minerals is promising – and a key part of Ford’s EV growth and the diversification of our sustainable EV supply chain.”
Compass Minerals is pursuing the sustainable development of an approximately 2.4 mMT LCE resource on the Great Salt Lake, utilizing synergies with its existing sulfate of potash, salt and magnesium chloride production asset. Lithium will be the fourth essential mineral produced from the same unit of brine, bringing additional efficiencies to the operation and value to all stakeholders, including the State of Utah.
About Compass Minerals
Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops, while supporting sustainable agriculture.
Additionally, the company is pursuing development of a sustainable lithium brine resource to support the North American battery market and is owner of Fortress North America, a next-generation fire retardant company. Compass Minerals operates 12 production and packaging facilities with nearly 2,000 employees throughout the U.S., Canada and the U.K. Visit compassminerals.com for more information about the company and its products.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams.
The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services.
The company does that through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough EVs along with embedded software that defines exceptional digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs.
Additionally, Ford is pursuing mobility solutions through Ford Next, and provides financial services through Ford Motor Credit Company. Ford employs about 174,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.
Compass Minerals Signs Binding Multiyear Agreement to Supply Ford Motor Company with Battery-Grade Lithium Carbonate, OVERLAND PARK, Kan., May 22, 2023
