It’s no secret that the Inflation Reduction Act has been a game-changer for the U.S. energy transition value chain. Indeed, the legislation was a key driver for launching Statevolt when we did, and subsequently our partnership with Controlled Thermal Resources on our Hell’s Kitchen Lithium and Power plant. Despite its name, the Hell’s Kitchen Lithium and Power facility has no affiliation with Gordon Ramsey’s hit US reality TV show. Instead of terrorising aspiring chefs, the 54GWh Gigafactory will produce lithium and geothermal power right here in California.
As the demand for EVs and renewable energy grows, so too does the demand for lithium, which is needed to produce the batteries that store the energy generated by renewable sources. The need for domestic lithium supply chains is at an all-time high, with U.S. lithium demand for EVs and storage forecast to reach 383 kilotons by 2030 (Source: IEA).
Read Full Article »