World's Largest EV Market Expected to Lose 11% of Market Share by 2025

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NEW YORK, July 11, 2022 /PRNewswire/ -- After dominating the electric vehicle (EV) market since launching its first model in 2008, Tesla Inc. (NASDAQ: TSLA) will likely lose its position as the world's largest EV maker by 2025 as competitors launch 135 new EVs to the market. According to Bank of America analyst John Murphy, annual US EV sales could grow eightfold to over 3.2 million by 2025 from roughly 400,000 in 2021, giving companies launching new models an opportunity to capture the market. Tesla may have loyal fans, but the company won't be able to keep up, creating an exciting opportunity for companies like E3 Lithium Ltd (TSXV: ETL) (OTCQX: EEMMF), FREYR Battery (NYSE: FREY), Nano One Materials Corp (TSX: NANO), and Microvast Holdings, Inc. (NASDAQ: MVST), who are racing to gain market share in the growing lithium battery sector.

E3 Lithium (TSXV: ETL) (OTCQX: EEMMF) is a lithium technology and resource company focused on powering the growing electric revolution.

On July 11, E3 Lithium announced that it has increased its Inferred Mineral Resource to 23.4 million tonnes of lithium carbonate equivalent (LCE) contained within the newly-named Bashaw District (the "Resource"). The Bashaw District combines and expands the Clearwater Resource and Exshaw Resource areas into a consolidated resource that contains an estimated total of 59 billion m3 (59 km3) of brine formation water at an average grade of 74.5 milligram/Litre (mg/L) lithium.

"This increase clearly establishes E3 Lithium, and the Leduc Aquifer in this region, as being a globally-significant source of lithium," commented Chris Doornbos, E3's CEO. "With the combination of the Resource, and the Company's ion-exchange direct extraction technology, E3 continues to lead Alberta on the path to becoming a major lithium producing jurisdiction. With E3's significant resource, established social licence to operate, supportive government policy, low-risk and transparent regulatory processes, and stable tax and royalty systems, E3 is well-situated to realize commercial production of battery-grade lithium."

The increase in the Resource is a result of the significant work completed by the E3 Lithium geology and subsurface team to improve and increase E3's understanding of the highly saline Leduc Aquifer within the Bashaw District. The work incorporated the thorough reviews and analyses of available core samples, the addition of hundreds of digital wireline logs, 2D seismic data, additional brine sampling results, and an updated interpretation of the Leduc facies, brine and reservoir properties. .

On June 29, E3 Lithium created its first successful battery thanks to a collaboration with Pure Lithium. Pure Lithium used lithium produced from E3's proprietary DLE technology to create the lithium metal to produce a pouch cell battery. Now that the initial test has demonstrated proof of concept, the two companies have signed a memorandum of understanding (MOU) to perform further testing and validation work.

The goal is to complete a series of testing over the next six to nine months to define how E3 Lithium and Pure Lithium's technologies can be combined to produce a commercially-viable production process for lithium metal electrodes and batteries.

E3 Lithium's goal is to ensure that it has a diverse product offering to respond to the growing and changing lithium battery and electric vehicle market. While the strong market for high nickel cathode chemistry batteries likely means E3's first production phase will be lithium hydroxide, the company believes lithium metal will be a critical component in the next generation of lithium batteries.

On June 23, E3 Lithium announced a monumental strategic agreement with one of the largest global oil companies, Imperial Oil, to advance a lithium-extraction pilot in Alberta. The company is exploring the redevelopment of a historic oil field into a potential new leading source of lithium for Canada's growing critical minerals industry.

The pilot will support E3 Lithium's Clearwater project, which will draw lithium from under the Leduc oil field, Imperial's historic discovery that first launched major oil and gas development in Western Canada. The company's proprietary technology is designed to extract the critical mineral from the lithium-rich brine, with the potential for commercial development of battery-grade products.

For more information about E3 Lithium (TSXV: ETL) (OTCQX: EEMMF) click here.

Tesla and EV Battery Manufacturers Report Growth

In the second quarter, Tesla Inc. (NASDAQ: TSLA) produced over 258,000 vehicles and delivered more than 254,000 vehicles despite factory shutdowns and ongoing supply chain challenges. June 2022 was Tesla's highest vehicle production month in the company's history. Tesla also announced that it will post its Q2 2022 financial results after market close on July 20, 2022, including net income and cash flow results.

FREYR Battery (NYSE: FREY), a developer of clean, next-generation battery cell production capacity, announced that its Board of Directors has approved the expansion of the planned Giga Arctic project, which is under development in Norway, to an annual capacity of 29 GWh. The board's approval follows the completion of detailed plant engineering, the establishment of frameworks with key raw material and capital equipment suppliers; as well as announcements of conditional offtake agreements that total over 125 GWh from the planned start of production in the second half of 2024 through to 2030.

Nano One Materials Corp (TSX: NANO) made an exciting announcement on June 17, that it has closed the strategic equity investment and collaboration with leading global mining and metals group Rio Tinto. Nano One and Rio entered into a collaboration agreement to work together to explore and evaluate opportunities to further drive the localization of the lithium-ion battery value chain, particularly in Quebec. The agreement will also support the acceleration of the commercialization of Nano One's patented cathode technology. On top of that, Rio Tinto made a US$10 million capital investment into Nano One.

On June 27, Microvast Holdings, Inc. (NASDAQ: MVST) announced the addition of Yeelong Tan Balladon to its board of directors. Balladon has served as the lead independent trustee of the Ashmore Funds since 2014 and as the lead independent trustee of the board since 2010. The Ashmore Funds is a registered US mutual funds complex that invests in emerging markets. In Q1 2022, Microvast Holdings, Inc. (NASDAQ: MVST) generated revenues of $36.7 million, marking an increase of 145.5% compared to $14.9 million for Q1 2021. Meanwhile, the company reported a net loss of $43.8 million in the quarter, compared to a net loss of $16.3 million in the prior-year quarter. Microvast continues to expect revenue for FY 2022 to increase 35% to 45% compared to FY 2021.

With its innovative tech solutions and significant lithium resource, E3 Lithium has the opportunity to deliver lithium to market from one of the best jurisdictions in the world.

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