STAVANGER (dpa-AFX) - LG Energy Solution, Ltd. (373220.KS) announced on Monday that it has signed a binding offtake agreement with Smackover Lithium to source 8,000 metric tonnes of battery-quality lithium carbonate annually over a 10-year period.
Smackover Lithium, a partnership between Standard Lithium Ltd. (SLI) and Equinor ASA (EQNR), will supply material produced from the South West Arkansas Project using direct lithium extraction technology. LG said the deal ensures a more sustainable supply of key battery material and establishes a fully integrated U.S. supply chain from sourcing to production.
The agreement supports LG's energy storage systems business in North America, where rising power demand is driving growth. The company operates seven production facilities in the U.S., most with capacity for batteries using LFP chemistry.
On the KSE, shares of LG Energy Solution closed Monday's trading 2.16 percent higher at 378,000.00 Korean won.
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