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Lithium Universe (ASX:LU7) announced on Wednesday it has made an application to Hydro-Quebec in Canada for renewable electricity to power its lithium carbonate plant.
Shares were up 3.85% to 2.7cps in the first hour of trades.
The company is seeking 18MW worth of hydro power, a figure reached in an engineering study, for train 1 of a 16,000tpa capacity asset.
This will also help the company close the “North American lithium processing gap.”
Lithium Universe last month selected Becancour Port as the ideal location for its refinery operations given the desirable import logistics routes.
Spodumene will be shipped to the port, then on to the refinery, where Lithium Universe can begin producing lithium carbonate with a view toward inclusion in batteries.
The company is headed by the same man in charge of Altech, Iggy Tan. That venture sees Altech heavily invested in developing energy storage battery technology.
“The strategic move to secure green electricity from Hydro-Québec
marks a significant step in our lithium refinery project,” Tan said.
“Our emphasis on early work streams underscores our determination to accelerate the development process. We are committed to fast-tracking the development, ensuring the refinery becomes a reality in record time.”
LU7 last traded at 2.7cps.
