Sigma Lithium, LG Energy inks milestone 6-years lithium offtake agreement
Sigma Lithium Corporation has announced the signing of a binding term sheet for an offtake agreement on a take or pay basis for the sale of 6 percent battery-grade high purity and environmentally sustainable lithium concentrate to LG Energy Solution, Ltd.
The six-year LGES Offtake for Battery Grade Sustainable Lithium Concentrate scales from 60,000 tons per year in 2023 to 100,000 tons per year from 2024 to 2027 subject to Sigma Lithium and LGES implementing a mutually acceptable definitive documentation to execute the Offtake.
"With the rapid growth of the EV battery market, securing large volumes of environmentally sustainable and high-quality lithium materials is becoming one of the important sources of competitiveness in our industry," stated Mr. Dong Soo Kim, Senior Vice President of Procurement Center at LG Energy Solution.
"Since 2018, Sigma Lithium has been producing battery-grade sustainable lithium concentrate at its on-site demonstration pilot plant while executing our sustainability roadmap to support decarbonization and reach net zero emissions by 2024," said Ana Cabral-Gardner, Co-CEO, Sigma Lithium.
"We are truly delighted to have the ability to provide LG Energy Solution with significant quantities of battery-grade sustainable lithium concentrate that will support the large-scale production of lithium-ion batteries required to power the future of electric mobility and clean energy," she added.