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Wednesday, November 29, 2023

GM Secures Sustainable, U.S.-Based Lithium Supply in part from Controlled Thermal Resources for Next-Generation EV Batteries

Controlled Thermal Resources Limited, (“CTR” or the “Company”) has formed a strategic investment and commercial collaboration with General Motors (“GM”) to supply the manufacturer with sustainably produced lithium from the company’s Hell’s Kitchen Lithium and Power development, located in the Salton Sea Geothermal Field in Imperial, California.

GM announced today that a significant portion of GM’s future battery-grade lithium hydroxide and carbonate could come from CTR’s Hell’s Kitchen development, allowing GM to make more affordable, higher mileage electric vehicles (EVs) with domestic, responsibly sourced lithium materials.

GM also announced it is the first company to make a multi-million-dollar investment in CTR’s Hell’s Kitchen development and has secured first rights to purchase lithium produced from the first stage of the Hell’s Kitchen project, including an option for a multi-year relationship.
CTR expects to commence delivery of lithium from its first stage facilities in 2024.
“We are very pleased to establish this strategic relationship with GM moving forward,” said Rod Colwell, CTR’s Chief Executive Officer. “GM has shown great initiative and a real forward-thinking strategy by securing and localizing a lithium supply chain while also considering the most effective methods to minimize environmental impacts.”
CTR’s lithium resource at the Salton Sea in California is one of the largest known lithium brine resources in North America. The integration of direct lithium extraction with renewable geothermal energy offers the highest sustainability credentials available today.
CTR’s closed-loop, direct lithium extraction process utilizes renewable power and steam – significantly reducing the time to produce battery-grade lithium products and eliminating the need for overseas processing.  CTR’s operations will have a minimal physical footprint and a near-zero carbon footprint. The brine, after lithium extraction, is returned to the geothermal reservoir deep within the earth.

Hyper simplified animation explainer for CTR’s closed-loop process
Tim Grewe, GM director of electrification strategy recently commented on the announcement. “If it really goes to where we think it can go, and if we collaborate with them [CTR] and innovate with them, it could be one of the best things we’ve ever been invested in,” Tim said.

“World-wide growth in electric vehicle adoption has highlighted the critical need to develop a strong and secure battery supply chain in the United States,” Rod said. “CTR is fully committed to developing its significant lithium resource in response to this, and we look forward to collaborating with GM as we continue to accelerate these efforts.”

Controlled Thermal Resources Limited (“CTR”)

CTR, through its project companies, specializes in lithium minerals and renewable energy production with projects in advanced development in the United States.  The Australian public unlisted company was established in 2013 and has headquarters in Imperial Valley, California, USA and Brisbane, Australia.

CTR’s leadership team has successfully developed and managed geothermal operations in the Salton Sea region for 25+ years.  This location-specific, highly specialized experience has been instrumental in advancing CTR’s projects.

CTR is committed to delivering sustainable, low-cost lithium products and renewable power to support California’s clean energy initiatives and to ensure a secure and socially responsible lithium product supply chain.

For additional information, please visit www.cthermal.com.

Forward-looking Statements

This media release may contain forward-looking statements regarding Controlled Thermal Resources (the “Company”) within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are “forward-looking statements”, including statements regarding:  the financial outlook of the Company, the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information.  These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “seeks,” “should,” “could,” “intends,” or “projects” or similar expressions, and involve known and unknown risks and uncertainties. The Company’s actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties and may be beyond the Company’s ability to foresee or control. The Company does not undertake an obligation to update or revise any forward-looking statements, and all forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.

Click here to connect with Controlled Thermal Resources Ltd. (CTR) for an Investor Presentation.

The post GM Secures Sustainable, U.S.-Based Lithium Supply in part from Controlled Thermal Resources for Next-Generation EV Batteries appeared first on Investing News Network.

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