The Pallinghurst-Traxys Battery Materials joint venture will seek to acquire a controlling interest in lithium, graphite and cobalt projects in developed countries and invest in related facilities that process and develop the ore.
Pallinghurst co-founder Arne Frandsen said: "The electric vehicle and energy storage revolution is gathering pace. Future demand for critical battery-grade materials is poised for explosive growth," said Arne Frandsen, co-founder of Pallinghurst.
The companies will not invest in resource-rich continents such as Africa and Latin America, but will only target projects in North America, Europe and Australasia.
Under the agreement, Pallinghurst will identify and manage the projects, while Traxys will help market the mines and deliver them to end users. This will enable Traxys to expand the range of materials it supplies to battery manufacturers, which is currently limited to cobalt, copper and nickel.
Pallinghurst committed $1 billion in July to develop projects to mine battery metals, and the latest deal shows that Traxys has met the investment fund's commitment.
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