With automakers scrambling for lithium supply, General Motors just announced it will be investing in a U.S. lithium project, according to Reuters.
In fact, GM notes it “will make a multimillion-dollar investment in and help develop Controlled Thermal Resources (CTR) Hell’s Kitchen geothermal brine project near California’s Salton Sea, roughly 160 miles (258 km) southeast of Los Angeles.” That could force other major automakers to do something similar, as the electric vehicle story accelerates. That could be great news for related companies such as E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF), Albemarle Corporation (NYSE:ALB), Lithium Americas (NYSE:LAC)(TSX:LAC), American Lithium Corp. (TSXV:LI)(OTC:LIACF), and Piedmont Lithium (NASDAQ:PLL).
Even the International Energy Agency just warned, “The supply of critical minerals crucial for technologies such as wind turbines and electric vehicles will have to be ramped up over the next decades if the planet’s climate targets are to be met. At least 30 times as much lithium, nickel and other key minerals may be required by the electric car industry by 2040 to meet global climate targets.”