Tesla plans to build a lithium refinery

Tesla plans to build a lithium refinery

Electric car giant Tesla is considering a lithium hydroxide refining facility on the Texas Gulf Coast.

Tesla claims the plant will develop “lithium hydroxide for batteries” and be “the first of its kind in North America,” according to a recently released letter to the Texas Comptroller’s Office.

The company would process the “raw ore material into a usable state for battery production” and then ship the lithium hydroxide to various Tesla battery manufacturing plants.the application states.

Ilon Mask, Beta/AP

In April, Tesla CEO Elon Musk said the company may have to enter refining of lithium because the price of metal “went to crazy heights”.

The price of lithium has increased by 120 percent this yearaccording to the tracking index of the company Benchmark Mineral Intelligence.

Tesla’s move is also likely an attempt to diversify its lithium supply and battery production. China controls more than half of the world’s processing and refining of lithium, and the US only one percent.

Source: SEEbiz

Photo: Beta/AP

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