Ford Motor Company and Australia’s Lake Resources have signed a non-binding memorandum of understanding (MoU) to negotiate for lithium offtake from the Kachi Project in Argentina. Lake Resources will offer approximately 25,000 tonnes per annum (tpa) of lithium to Ford.
Lake Resources is a clean lithium developer utilising direct extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Argentina among three other projects covering 220,000 ha.
The strategic collaboration between Ford and Lake follows the announcement of a collaboration with Japan’s Hanwa to fully develop a clean lithium supply chain to meet the global environmental demands for electric vehicles (EVs).
Steve Promnitz, Lake’s Managing Director, says: “Both Lake and Ford see this as an opportunity for a potential long-term agreement with the ability to scale up environmentally responsible production and participate in Lake’s other projects to ensure high-quality lithium products are available to Ford. This MoU with Ford supports Lake’s strategy to be a key independent supplier into global lithium supply chains and ensure the security of supply to customers.”
Lake’s Chairman, Stu Crow, adds: “Increasing customer and consumer scrutiny around lithium production’s environmental and ethical credentials drives our focus on sustainable extraction. Lake Resources is committed to integrating sustainable development practices throughout our operations, minimising our environmental footprint, and contributing to a clean energy future.”
Lake’s technology partner, Lilac Solutions Inc, has been backed by world-leading sustainability investors, including the Bill Gates-led Breakthrough Energy Fund and MIT’s The Engine Fund.
