The demand for electric vehicle (EV) batteries is skyrocketing, with projections showing a nearly six-fold increase by 2030, as indicated by recent data from McKinsey & Company’s Battery Insights. A Quantum Research Group survey commissioned by The Metals Company provides additional insights.
The transition to electric mobility and renewable energy sources is accelerating, but there’s a catch: securing the necessary metals to support this growth is a colossal challenge. The US is almost entirely reliant upon imports for many critical minerals like nickel and cobalt, over whose processing China holds a near total monopoly.
Although efforts are underway to diversify its supply lines, S&P Global and other analysts have warned that it would be nearly impossible to meet demand for key battery metals from countries with which the US holds a free trade agreement.
The Metals Company, at the forefront of deep-sea mining, targets polymetallic nodules sitting unattached on the deep-seafloor, which are rich in nickel, cobalt, copper, and manganese — essential components for advanced Li-ion batteries, wiring, and most low-carbon technologies.
These nodules, littered across a few regions on the planet in vast abundance, offer a potential solution to the metal supply problem.
The Metals Company’s analysis shows that the metal content in these nodules could meet the requirements of hundreds of millions of electric vehicles. This finding is supported by detailed compositional analysis and could signal a shift toward a more resilient and responsible supply chain for the EV industry.
The Metals Company’s plan to collect deep-seafloor nodules offers a path to fulfill the demand for battery metals while dramatically reducing the environmental and social costs of traditional mining, as found by leading battery supply chain research firm Benchmark Mineral Intelligence.
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Filed Under: Batteries, Technology News