Did you know that lithium is referred to as ‘white gold’? This silver-white colored soft metal is highly flammable and reactive–and it is one of the highest sought after minerals in the world right now.
When lithium is mined, it is isolated through electrolysis and can be used for a number of different things. Most popularly, lithium can be made into lithium ion batteries which run our phones, energy storage systems, and electric vehicles.
There is a global push to cut carbon emissions which is driving demand for electric vehicles, raising the stakes for lithium producers around the world. There is 8 kg of lithium in a battery pack for a single electric car. As more electric cars are manufactured, the demand will continue to rise which will heavily affect the energy market.
In fact, it is estimated that there will be an increase in demand for lithium up to 4 million pounds by 2030! Countries such as Chile and Australia that are currently holding the most lithium reserves and manufacturing the most lithium will see these demand hikes for years to come as technology continues to evolve. To learn more about the increase in demand for lithium and how this will affect the energy market, take a look at the infographic below: