EV market witnessing exponential growth proving beneficial for lithium mining, financial news media.
The electric vehicles (EVs) market has grown rapidly in the past few years and shows signs of continuing expansion for several years to come which is proving to be a huge windfall for Lithium production.
With the increasing concerns raised over the environmental impact of conventional vehicles, governments around the world are encouraging the adoption of vehicles using alternative sources of fuel. EVs are zero-emission vehicles and are gaining preference for clean public transport across countries.
Several national governments offer financial incentives, such as tax exemptions and rebates, subsidies, reduced parking/toll fees for EVs, and free charging, to encourage the adoption of EVs. Thus, globally the requirement of EV battery is gaining fast pace. The electric vehicle market is witnessing exponential growth across geographies.
Thus, major automobile manufacturers are entering the EV market due to the growing demand for EVs. Several major automakers such as Toyota, Tata Motors, Mercedes-Benz, and Hyundai are working on EV models to expand their position in the automotive industry. With major automakers taking an interest in the EV space, developments in electric vehicles are expected to increase in the near future.
A report from MarketsAndMarkets said that the global EV battery market is projected to grow at a CAGR of 25.3% from USD 27.3 billion in 2021 to USD 67.2 billion by 2025. Increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models are factors responsible to drive the EV battery market. Active stocks in the markets this week include Spey Resources Corp. (CSE: SPEY) (OTCPK: SPEYF), Lithium Americas Corp. (NYSE: LAC) (TSX: LAC), Piedmont Lithium Limited (NASDAQ: PLL), Albemarle Corporation (NYSE: ALB), Sociedad Química y Minera de Chile S.A. (NYSE: SQM).
The MarketsAndMarkets report continued:
“Lithium-ion batteries are the most common battery type used in modern electric vehicles. These batteries have higher energy density compared to lead-acid or nickel-metal hydride batteries. Their compact size makes them preferable in the automotive industry… Alternatives such as advanced batteries and supercapacitors cannot easily replace lithium-ion batteries due to their performance, cost, weight, and size.”
“Europe is estimated to account for a share of 31.0% of the global EV battery market, by volume, in 2021 and is projected to grow at a CAGR of 35.3% during the forecast period. Major automakers/OEMs entering the EV market are partnering with major EV battery companies to take advantage of the rapidly growing market.”
Spey Resources Corp. (CSE: SPEY) (OTCPK: SPEYF) BREAKING NEWS: SPEY INCAHUASI SALAR TEM GEOPHYSICS UPDATE – Spey Resources Corp. (CSE: SPEY) (OTCPK: SPEYF) (“Spey” or the “Company”) is pleased to announce that it has completed the surface exploration and TEM geophysics at Salar de Incahuasi (the “Incahuasi Project” or “Incahuasi”) in the Province of Salta, located approximately 45 kilometers from the township of Tolar Grande, Argentina.
A Transient Electro Magnetic (“TEM”) geophysics study was conducted over 9 kilometres with three lines done at 200m spacing. The results are being processed in Salta Argentina and also Vancouver Canada. Three days of heavy snow slowed work down but this cleared enabling the crew to complete their work.
Quantec utilized a center loop sounding method. Loop size was 200m x 200m. Depth of analysis went down to 200-250m below surface. The total number of TEM sites with 200m station intervals was 50 sites. All sites were read using transmitter frequencies of 25 Hz.
The geology team pegged the lines for the geophysics and were able to take ten 20 litre samples using a motorized augur from 6 locations on the surface of the salar. Given the rain and snow conditions, it was clear that rainwater had soaked into the surface brines. However, they were able to collect 25 surface samples and ten 20 litre samples for processing in Melbourne Australia.
The results of two 20l samples processed so far are very pleasing with one showing a lithium concentration at 143ppm, however it appears that the aquifers are stratified. It is expected that the lithium at depth will be more concentrated. The other chemical elements were exceptional for the Ekosolve™ Direct Processing system.
Spey Resources chief executive officer and director Nader Vatanchi states, “the initial results are very promising and exciting. We patiently await more data as more detailed information will help the company plan and strategize around its flagship project.” Once the surface samples assays have been processed a further announcement will be made.
Electric Vehicle Market Witnessing Exponential Growth is Proving to Beneficial for Lithium Mining, PALM BEACH, Fla., June 9, 2021
