- Ioneer (INR) secures a five-year deal to supply lithium to carmaker Ford
- Starting from 2025, the binding offtake supply agreement will see Ioneer deliver 7000 tonnes of lithium carbonate a year from its Rhyolite Ridge project in Nevada
- The lithium carbonate is set to supply Ford’s battery-making joint venture facility in Kentucky for electric vehicles
- Ioneer aims to begin production from Rhyolite Ridge in the second half of 2025 to support “urgent” requirements for battery materials in the United States
- Company shares last traded at 49.5 cents on July 21
Ioneer (INR) has secured a five-year deal to supply lithium to carmaker Ford.
Starting from 2025, the binding offtake supply agreement will see Ioneer deliver 7000 tonnes of lithium carbonate a year from its Rhyolite Ridge project in Nevada.
Ford and its Korea-based joint venture partner, SK Innovation, are building the BlueOval and SK Battery Park in Kentucky to produce batteries for the next generation of Ford and Lincoln electric vehicles.
Under the new deal, Ioneer will supply the BlueOval and SK facility with lithium carbonate to be used to make lithium-ion batteries for the electric vehicles.
It follows an increased offtake agreement earlier this year with EcoPro Group, which is taking up around 34 per cent of the company’s annual lithium carbonate production for the first three years of operation.
Ioneer is hoping to begin production from Rhyolite Ridge in the second half of 2025 to support the “urgent” requirements for battery materials in the United States.
Executive Chairman James Calaway said the agreement with Ford was a significant milestone for Ioneer and highlighted the “mature state of the Rhyolite Ridge project development and its ideal position to serve the US supply chain with domestic battery materials”.
“Partnering with a recognised world-class automaker that exemplifies the spirit of American innovation is a testament to the quality of our lithium carbonate, and our commitment to the highest environmental standards and sustainability practices,” Mr Calaway said.
Ioneer shares last traded at 49.5 cents on July 21.