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Elcora order is just the beginning of its journey in the manganese market

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Manganese is becoming a key part of the lithium-ion battery market, traditionally used in nickel, manganese, cobalt (“NCM”) batteries; but now it is also used in lithium manganese iron phosphate (“LMFP”) batteries. This new battery type offers greater energy density (and hence EV range) than the standard LFP battery. Manganese is still largely used in steel, but the battery demand looks set to grow much faster. Overall the global manganese market is expected to grow at a CAGR of 5.5% from 2023 to 2027.

LMFP batteries containing manganese are the latest development to improve lithium-ion batteries

As announced last month Gotion High-tech Co Ltd. has developed a breakthrough LMFP battery that offers a “range of up to 1,000kms for a single charge and could last two million kms”. Their new battery pack will go into mass production in 2024.

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In 2022 it was reported that “CATL will soon mass produce LMFP batteries”. Contemporary Amperex Technology Co., Limited (“CATL”) is the world’s largest lithium-ion battery manufacturer by far with 37% market share and is a leading supplier of Tesla Inc. At Tesla Battery Day in 2020, Elon Musk pointed out that Tesla targets to use manganese in its batteries for long-range electric cars.

At Tesla Battery Day 2020, Tesla targets to use nickel and ‘manganese’ batteries for long range vehicles where vehicle mass is not too large

Today’s company made a key announcement this week regarding commencement of manganese ore sales.

Elcora Advanced Materials Corp.

Elcora Advanced Materials Corp. is working towards becoming a vertically integrated battery material company. Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable.

Elcora’s key projects have graphite, manganese, and vanadium. Elcora also has exposure to anode materials and graphene.

 

Source: investor intel

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