It is projected that the Electric Vehicle market could reach up to 800 billion dollars by 2027. This increased demand puts pressure on the supply chain for battery metals and the world is in need of a solution. But not just any solution! With several countries implementing stringent laws around emissions, the sector is forced to find environmentally friendly and cost effective ways to supply the growing Electric Vehicle Market.
EV’s currently have a high manufacturing cost, especially in North America, due to the declining availability of base metals like Nickel, Cobalt and Lithium. Places like Indonesia produce nickel with coal powered refineries which are counteractive to the EV markets goal of reducing the carbon footprint. Lithium mining operations are currently limited In North America, forcing the U.S and Canada to outsource most of the lithium supply from China. More than 60% of the world’s cobalt comes from the DRC, where the use of child labor for cobalt-mining is a major ethical concern. To add to the problem, North America only has one Cobalt refinery capable of making Cobalt Sulphate for the use in EV’s and even they are forced to outsource Cobalt from the Congo.
Well, we have a solution! In 2020, only 5% of EV, Lithium ion and cadmium batteries were recycled. However, the global lithium-ion battery recycling market is expected to grow exponentially in the coming years. In 2020, China alone will generate some 500,000 metric tons of used Li-ion batteries and by 2030, the worldwide number will be close to 2 million metric tons per year.With today’s rising demand for battery metals and green technology, EVSX Corp is perfectly situated to be a leader in the battery recycling space.
Our next-generation technology recycles nickel, cobalt and lithium from old batteries. We meet the highest industry standards while using a more environmentally friendly approach to recycling battery metals at a very low cost.
Additionally this facility will allow St- George Eco Mining to advance their spodumene processing to extract lithium and their nickel R&D Initiatives. It will also act a model for future facilities and a training center for those looking to license the technology which will be used in countries all over the globe.
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