India, Aug. 31 -- LG Energy Solution, Ltd. (373220.KS) announced on Monday that it has signed a binding offtake agreement with Smackover Lithium to source 8,000 metric tonnes of battery-quality lithium carbonate annually over a 10-year period.
Smackover Lithium, a partnership between Standard Lithium Ltd. (SLI) and Equinor ASA (EQNR), will supply material produced from the South West Arkansas Project using direct lithium extraction technology. LG said the deal ensures a more sustainable supply of key battery material and establishes a fully integrated U.S. supply chain from sourcing to production.
The agreement supports LG's energy storage systems business in North America, where rising power demand is driving growth. The company operates...