15 C
Belgrade
Supported byspot_img
spot_img

Saudi Arabia expands lithium processing to supply BMW‎

Member of Europium Groupspot_img
Supported byspot_img

Saudi Arabia is expanding lithium processing operations to supply the German company BMW with this basic material for the manufacture of electric car batteries.

“Financial Times” newspaper stated in a report that Saudi Arabia plans to establish a second facility (factory) to process lithium, as it intensifies its efforts to work with Western partners to develop its battery supply chain.

According to Al-Hurra, the report indicated that the new plant, which will use raw materials extracted from Austria to produce refined lithium hydroxide for BMW, is a sign of how supply chains are slowly developing to process the metal outside China.

Supported by

China accounts for nearly 60 percent of global processing of lithium, an important component of electric vehicle batteries. Work is underway in the European Union and the United States to enhance incentives for competition in this field.

The new plant is shared equally by the Saudi Obeikan Group and the Australian European Lithium company.

The cost of establishing the plant is estimated at between 350 and 400 million dollars, and it is likely that it will start producing lithium hydroxide in 2026.

European Lithium will supply the processing plant with lithium ore from its mine in southern Austria.

For Saudi Arabia, this project is the latest in a series of deals aimed at strengthening its role in the production of electric cars and the supply chain for batteries, as part of a plan to diversify the economy away from oil.

Earlier this year, Saudi Arabia signed an agreement with the Australian battery manufacturer EV Metals to develop a lithium hydroxide plant, and production is expected to start in 2026.

Saudi Arabia aims to produce 500,000 cars annually by 2030, including those produced by the US-based Lucid Motors, in which its sovereign fund (the Public Investment Fund) holds a majority stake.

It is noteworthy that the Public Investment Fund announced the establishment of the “Sir” company to manufacture electric cars, which plans to produce 170,000 cars annually.

 

Source: Battery Industry

Supported byElevatePR Digital

Related News

Unlocking renewable energy potential: The role of renewable hydrogen in storage and decarbonization

Renewable electricity can be effectively stored by converting it into renewable hydrogen or ammonia through the process of electrolysis. These fuels can be utilized...

Empowering renewable energy: Harnessing the potential of renewable hydrogen for storage and decarbonization

Batteries play a crucial role in providing short-term flexibility to the energy system, offering advantages such as geographical and sizing flexibility. Unlike some other...

Energy storage: Enabling clean alternatives and job creation in coal-dependent regions

Energy storage is particularly relevant to carbon-intensive and coal regions, as it provides a cleaner alternative to hard-to-abate industries and traditional fossil-fuel-powered thermal plants...

Transforming Europe’s energy grid: The essential role of energy storage in the renewable transition

As European countries strive to transform their energy systems, policymakers, regulators and energy sector planning agencies are increasingly faced with complex decisions about developing...
Supported by
Supported by
Supported by
error: Content is protected !!