Source: International Battery Metals.
Vancouver-based International Battery Metals (IBAT) is proving that sometimes companies with comically non-descript names can still do some pretty exciting things.
What happened: The company claims to have developed a first-of-its-kind mobile lithium mining plant that can extract and process lithium with minimal environmental impact.
- An independent review found their tech can extract 65% of all possible lithium from brine (groundwater enriched with dissolved lithium) and that 93% of the water used in the process can be recycled.
Why it matters: Lithium is crucial in the production of electric vehicle (EV) batteries with the International Energy Agency predicting demand could increase 40-fold by 2040.
- But the valuable material is in short supply and China has a grip on global processing.
- Lithium shortages are a major bottleneck for EV production, and even when it can be sourced, it’s expensive (and part of the reason why EVs can be up to 30% more expensive than the average gas-powered vehicle).
An easy mobile process for extracting lithium could be a game-changer for the EV industry, and batteries in general.
- IBAT’s tech also causes less environmental damage than traditional lithium mines, which have substantial ecological impacts on the surrounding water, soil, and air.
- Environmental concerns are part of the reason why some mining developments get held up, including one in Quebec angling to become only the second operational mine in North America.
Yes, but: IBAT’s technology is still in its early stages and will need to be upscaled and widely distributed in order to actually make a dent in the industry.
Bottom line: Canada has a lot of lithium which a lot of countries and businesses want to get their hands on, but we have a long way to go before we become a major player in the space—homegrown technological innovation could help accelerate that process.