General Motors Partners With Controlled Thermal For Local Low-Cost Lithium - General Motors (NYSE:GM)

General Motors Company GM will invest and collaborate with Controlled Thermal Resources, a lithium resource and renewable energy company based in Imperial Valley, California, to secure local and low-cost lithium.
The lithium will be produced through a closed-loop, direct extraction process resulting in a smaller physical footprint, no production tailing, and lower carbon dioxide emissions compared to traditional methods of pit mining or evaporation ponds.
GM’s investment will help CTR recover lithium from geothermal brine.
GM will have first rights on lithium produced by the first stage of the Hell’s Kitchen project, including an option for a multi-year relationship.
Most lithium used in lithium-ion batteries is currently mined and processed outside of the U.S.
As part of its $35 billion global commitment to EVs and autonomous vehicles, GM will be the first company to make a multi-million dollar investment in CTR’s Hell’s Kitchen project.
Hell’s Kitchen project’s first stage may begin yielding lithium in 2024, helping GM meet its aspiration to eliminate tailpipe emissions from light-duty vehicles by 2035.
Price action: GM shares are trading lower by 0.26% at $58.96on the last check Friday.