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The world is quickly shifting towards a greener future that will be powered by lithium-ion batteries. With electric vehicles leading the climate change race, lithium is revolutionizing how the world is powered.
From tablets, smartphones, battery stations, medical devices to electric vehicles, lithium is becoming the world’s power source. Lithium is the primary ingredient of lithium-ion batteries, the same batteries set to power the next wave of electric vehicles. Commercial adoption of electric vehicles has especially caused lithium demand to soar with supply having to nearly increase exponentially.
Lithium has been dubbed “white petroleum” as it is the key component that powering electric vehicles and many other common everyday devices. Lithium-ion is generally lighter, more effective, and more durable than competing battery chemistries, of course, this makes it the desirable choice for energy storage devices such as electric vehicles where weight and usage are significant. The average electric vehicle uses over 5,000 times more lithium than a smartphone to power the vehicle’s range. With that in mind, the increasing electric vehicle market will have a profound impact on the total lithium demand and the jurisdictions that are discovering and producing lithium.