{"id":86173,"date":"2024-08-20T00:00:00","date_gmt":"2024-08-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/08\/20\/aussie-battery-player-evm-lines-up-us-private-equity-investment-for-yanbu-lithium-chemicals-plant\/"},"modified":"2024-08-20T00:00:00","modified_gmt":"2024-08-20T00:00:00","slug":"aussie-battery-player-evm-lines-up-us-private-equity-investment-for-yanbu-lithium-chemicals-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/08\/20\/aussie-battery-player-evm-lines-up-us-private-equity-investment-for-yanbu-lithium-chemicals-plant\/","title":{"rendered":"Aussie battery player EVM lines up US private equity investment for Yanbu lithium chemicals plant"},"content":{"rendered":"

EVM lines up private equity investment for Yanbu plant as Saudi pushes <\/strong>ahead with lithium, EV-tech ambitions: <\/strong>Australian battery chemicals company EV Metals Group (EVM)<\/a> has lined up investment from US mining and mineral private equity firm Resource Capital Funds<\/a> for EVM Arabia\u2019s lithium chemicals plant<\/a> in Saudi Arabia\u2019s Yanbu Industrial City, according to a statement<\/a>. <\/p>\n

What\u2019s the status on the ground: <\/strong>EVM is ready to start construction of the first two processing trains, which it says will have an annual production capacity of 50k tons of high-purity lithium hydroxide monohydrate. Output will be sold to the clients in Europe and the Middle East, it says.<\/p>\n

(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

BACKGROUND- <\/strong>EVM signed an agreement<\/a> with Finnish industrial machinery company Metso to establish the plant in January using Metso\u2019s leaching technology. The battery chemicals company also agreed<\/a> with the Royal Commission for Jubail and Yanbu last year to establish a facility to produce key chemicals for EV batteries and renewable energy storage.<\/p>\n

EVM has other projects in Saudi:<\/strong> EVM\u2019s subsidiary Riwaq Al Mawarid for Mining signed a binding earn-in joint venture<\/a> agreement with UK exploration company Power Metals Resources to expand EVM's exploration activities in the Arabian Shield in March. EV Metals Group is based in Australia but has offices in the Kingdom and the UK, according to their website.<\/p>\n

REMEMBER- Saudi has been working on strengthening its critical minerals supply chain: <\/strong>The kingdom signed an agreement with the UK in May to strengthen the global supply<\/a> of critical minerals and prioritize the sustainable production of critical minerals essential to EV, wind turbine, and solar panel manufacturing. <\/p>\n","protected":false},"excerpt":{"rendered":"

The LCP Project is set to commence construction, with an initial production capacity of 50k tonnes annually of high purity Lithium Hydroxide Monohydrate<\/p>\n","protected":false},"author":1,"featured_media":86174,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[198],"tags":[107,11,197,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-minerals","tag-critical-minerals","tag-enterpriseclimate","tag-minerals","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"5aae3152-c022-4d05-80e0-d8b9b1f306ec","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/445.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aussie battery player EVM lines up US private equity money for Yanbu lithium chemicals plant","related_issue":[86165],"teaser":"The LCP Project is set to commence construction, with an initial production capacity of 50k tonnes annually of high purity Lithium Hydroxide Monohydrate","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.7bfb18e1-5118-4050-a8d5-4ed5895951d1.mp3"},"yoast_head":"\nAussie battery player EVM lines up US private equity investment for Yanbu lithium chemicals plant - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2024\/08\/20\/aussie-battery-player-evm-lines-up-us-private-equity-investment-for-yanbu-lithium-chemicals-plant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aussie battery player 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