With reliable partners, Lake Resources is on the path to scaling up production with an increased number of modules while still seeing consistent and reliable product time and time again.
Lake Resources (ASX:LKE,OTCQB:LLKKF) CEO Stephen Promnitz shared exciting new results his company has seen in its innovative extraction projects of high purity Lithium and how these developments can shape demand for lithium batteries going forward.
With three projects ongoing in Argentina's large lithium brines, Lake Resources has partnered with Lilac Solutions out in California to test and develop more efficient direct extraction technology. Over the span of 18 months, both companies were able to switch from benchtop lab scale testing to pilot stage modules of lithium extraction. Also with the help of Hazen Research Inc, significantly scaling up production has become more of a reality.
With these developments in lithium production, high purity lithium can theoretically be extracted directly from the water in hours rather than years. Additionally, this process requires less operational area as modules are smaller in size than traditional evaporation ponds. With these innovations, Lake Resources is staying committed to efficient lithium production and its mission of sustainability.
With an ever-expanding demand for electric power and storable energy, maximizing battery efficiency and purity is critical. “At the moment, only 35 percent of lithium is qualified as battery quality by the tier one battery makers," says Promnitz.
With reliable partners, Lake Resources is on the path to scaling up production with an increased number of modules and still see consistent and reliable product time and time again.
One of these companies that Lake Resources is working with is a testing company called Novonix. Based out of Nova Scotia, Novonix has been able to put lithium carbonate in a cathode, and using standard precursor material like nickel or manganese that make up a standard 622 cathode, put that into a battery. As a trusted third party independent company, this partnership puts Lake Resources ahead of the curve in terms of testing, sampling, and production design.
When asked about possible hurdles, Promnitz discussed that while there is some under-investment in the upstream for lithium production, he noted that there are benefits for innovators. “It puts us in a good place and creates opportunities for companies like us because the price has been reasonably flat and the five big producers haven't expanded."With planned production sought to end in late 2022 to early 2023 and a forecasted spike in demand around that time, Lake Resources is left well-positioned for the expected market.
In three to six months, Promnitz predicts that Lake Resources will see more promising results, which includes having its product in a battery and the construction of a pilot plant. As one of the first companies leading the way in high purity lithium production, they are in a good place with significant supply to meet the growing demand. Additionally, with the EU requiring a significant decrease in fossil-fuelled vehicles by 2030 and tech giants like Tesla needing batteries to meet that goal, Lake Resources is also focused on working toward their mission of providing cleaner, high purity lithium to the world.
For a more comprehensive update from Lake Resource CEO Stephen Promnitz, click on the video on this post.
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