Piedmont lithium signs lithium ore supply deal with Tesla

Piedmont Lithium signed a 5 year deal with Tesla Inc to supply high purity lithium ore mineral to the U.S electric carmaker prompting an 83% surge in the Australian lithium miner’s shares.

As per the agreement implies that Piedmont will supply about a third of its planned 160,000-tonnes-per-year spodumene concentrate (most important lithium ore mineral) produce from its deposits  North Carolina. They have also got an opportunity to extend the deal for another 5 years.

Piedmont lithium signs lithium ore

The Australian miner shares have reached to the highest since May 2007. The deals come with on the Tesla’s “Battery Day” presentation last week as the Tesla Chief Executive Elon Musk shared his vision of the novel,  proprietary Tesla batteries, following which Tesla stock lost more than $30 billion in market value.

The agreement marked the beginning of its first U.S domestic lithium supply chain and other sales arrangements said Piedmont in a statement. The deal agrees to start the deliveries between July 2022 and July 2023, the Australian firm said.

Tesla unveiled ‘tabless’ battery cells for range improvement

Tesla unveiled plans to develop a “tabless” battery that could improve an electric car’s range and power. The company will produce its new batteries in-house which Tesla CEO Elon Musk predicts that helps to reduce costs and allows the company to sell the electric vehicles as the price of ICE vehicles.

This battery is expected to reduce Tesla’s battery cost per kilowatt-hour, the unit of energy most commonly used to measure the capacity of the battery packs in modern electric vehicles. The lower the costs of the battery will allow Tesla to lower the costs of its cars. the new battery was announced during the company’s much-hyped “Battery Day” event in Palo Alto, California.

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