Infinity Lithium to supply LG Energy Solution with battery grade lithium hydroxide.
Infinity Lithium Corporation Limited announce that it has entered into a non-binding Memorandum of Understanding for the long-term supply of battery grade lithium hydroxide from the San José Lithium Project with major South Korean lithium-ion battery producer LG Energy Solution.
Ryan Parkin, Infinity´s CEO and Managing Director:
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.
The key terms of the MOU are detailed below:
- The MOU refers to the potential supply of LiOH for an initial 5-year period with the potential to continue for a further 5 years;
- First right to 10,000tpa of Product with additional volumes under the MOU subject to negotiations and agreement between Infinity and LGES;
- The purchase price for the product will be based on the market prices for lithium hydroxide, subject to agreement by the parties and to be finalised under the terms of a binding offtake agreement.
The Parties have agreed to consult in good faith towards finalising the binding offtake agreement within 12 months of signing the MOU. Any formal agreement is likely to be subject to standard conditions precedent for an offtake agreement of this nature, incluiding Infinity successfully entering commercial production requirements of LGES.
Any formal agreement will also be subject to Infinity resolving the permitting matters ser out in the Company´s annoucement of 17 May 2021.
The announcement was authorised by the Board.
HIGHLIGHTS
- Infinity Lithium and LG Energy Solution sign non-binding Memorandum of Understanding (“MOU”) for the offtake of lithium hydroxide.
- LG Energy Solution a world leading manufacturer of lithium-ion batteries.
Lithium Infinity To Supply LG ES With Battery Grade Lithium Hydroxiden, June 28, 2021
