Vulcan Energy Resources Ltd (VULNF)

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Changing chemistry
Battery chemistries are starting to adopt a more regional approach, Ledoux-Pedailles noted.

China, for instance, is dominated by lithium-iron-phosphate batteries, which are lithium carbonate and not as high performing as lithium nickel-cobalt-manganese (NCM) batteries, he said.

“One of the biggest threats to electric vehicles is that drivers are scared about the range they can achieve; they need reassurance they can go a longer distance. This requires NCM chemistries, which use lithium hydroxide,” he added.

Vulcan Energy’s off-takers have asked for lithium hydroxide for NCM-type cathodes, Ledoux-Pedailles told Fastmarkets.

“We can produce both hydroxide and carbonate, and we did have some requests for lithium carbonate for cheaper vehicles with a lower driving range. Battery chemistries will keep evolving, and you’ll see an evolution per region as opposed to pan-industry,” he said.

The company could also switch to producing solid-state, lithium metal batteries if they become popular in time, given the primary feedstock is the lithium chloride it will produce in the process.

“If we want to consider solid-state batteries later, we can,” Ledoux-Pedailles said.
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