NEW YORK, March 7, 2017 /PRNewswire/ --
The lithium ion battery market is affected by the increasing adoption of electric vehicles as well as an increasing popularity of portable devices. Both segments are expected to drive demand for lithium batteries and the lithium market as a whole. A report by Global Market Insights projects that the lithium ion battery will grow at over 9% CAGR by 2024, reaching a value of $53 billion by the end of the forecasted period. Lithium ion batteries can be classified as a secondary battery, as they can be recharged regularly and possess longer lifecycle, higher storage capacity and better efficiency than conventional batteries. Scientific Metals Corp. (OTC: SCTFF) (TSX-V: STM), MGX Minerals Inc. (OTC: MGXMF), Panasonic Corporation (OTC: PCRFY), Tesla Motors, Inc. (NASDAQ: TSLA), Energizer Holdings, Inc. (NYSE: ENR)
The report points out the increasing demand of batteries for numerous applications including automotive, energy storage systems in manufacturing plants, consumer electronics products, and household electricity. The growing electronic devices demand coupled with strict government regulations to curb pollution levels will drive industry growth. In addition, abundant supply of raw materials at economical prices will help maintain the high production volume.
Scientific Metals Corp. (OTCQB: SCTFF) (TSX-V: STM) on February 22nd announced that, "it has entered into an arm's length Earn-In Agreement with MGX Minerals Inc. (CSE: XMG.CN) (OTC: MGXMF) pursuant to which MGX has been granted the option to acquire a 50% interest in STM's Paradox Basin Lithium Brine property (the "Paradox Property") located in Utah in the western United States.
Under terms of the Agreement, MGX has the option to acquire a 50% interest in the Paradox Property by: (i) making a cash payment of CDN$50,000 to STM upon execution of the Agreement; (ii) issuing 150,000 MGX common shares to STM upon execution of the Agreement; and (iii) incurring minimum exploration expenditures on the Paradox Property of no less than CDN$250,000 over the course of a 12 month period. If MGX earns its 50% interest, the parties will negotiate and enter into a joint venture agreement pursuant to which the parties shall be equally responsible for all future exploration and development expenses on the Paradox Property. Further, MGX will have the right to participate in an amount of up to 15% of the gross proceeds of any equity or debt financings of STM for a period of 18 months from the date of execution of the Agreement."
STM President, Wayne Tisdale states: "We are pleased to partner with MGX on our exciting petro lithium project in the Paradox Basin. We benefit from being an early mover in the Paradox Basin and securing what we believe to be key ground which historically demonstrated lithium grades. With deep experience and expertise in the oil and gas sector we feel that MGX is the right partner to help explore this exciting new basin. Cementing this joint venture will allow STM to benefit from their Nanoflotation technology that is exclusive to MGX. We look forward to working together to develop our project."
Panasonic Corporation (OTC: PCRFY) and Tesla Motors, Inc. (NASDAQ: TSLA) have signed an agreement that lays out their cooperation on the construction of a large-scale battery manufacturing plant in the United States, known as the Gigafactory. The Gigafactory will produce cells, modules and packs for Tesla's electric vehicles and for the stationary storage market. According to a blog by the Tesla Team from January 4, 2017, "Production of 2170 cells for qualification started in December and today, production begins on cells that will be used in Tesla's Powerwall 2 and Powerpack 2 energy products. Model 3 cell production will follow in Q2 and by 2018, the Gigafactory will produce 35 GWh/year of lithium-ion battery cells, nearly as much as the rest of the entire world's battery production combined."
Energizer Holdings, Inc. (NYSE: ENR), headquartered in St. Louis, MO, is a global leader in the dynamic business of providing power solutions with a full portfolio of products including Energizer® brand battery products such as Energizer® EcoAdvanced®; EnergizerMAX®; Energizer® Ultimate Lithium™; Energizer Recharge® batteries and charging systems. In March 1, 2016, the company introduces world's first AA and AAA rechargeable batteries made with recycled batteries. Energizer Recharge® batteries are made with 4 percent recycled battery material, provide consumers with long-lasting power that can be recharged hundreds of times, and reduce the impact on the planet.
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