Did you know that lithium is playing a major role in the energy economy? Known as ‘white gold’, lithium’s popularity has recently seen a major increase especially for its part in powering electric vehicles.
With global calls to cut carbon emissions, electric vehicles are being produced at a rate higher than ever. To power a single electric car, it requires 8 kg of lithium in a lithium-ion battery. These batteries have higher energy density than conventional batteries, and self-discharge at a lower rate as well. They do not require periodic full discharges and provide consistent voltage even as the charge degrades, making them a great option for powering the vehicles of the future.
Lithium-ion batteries are also used in many of the devices that we use everyday. Our computers, electric bikes, and even cell phones all require the mineral to function properly. It is expected that lithium demand is expected to rise to over 4 million metric tons in 2030. This will surely lead to an increase in economic opportunity for countries that are investing in the lithium market.
As demand for electric vehicles and devices increases, the demand for lithium will only continue to increase. To learn more about what this means for the energy economy, take a look at the infographic below: