Toyota and Panasonic strike are involved with the lithium miner

Toyota and Panasonic strike are involved with the lithium miner

Iooner will supply 4,000 tons of steel per year to the JV, enough to equip more than 150,000 electric vehicles.

Prime Planet Energy & Solutions (PPES), a joint venture formed by Toyota and Panasonic, has entered into a partnership with Australian mining company Ioneer. The agreement provides an opportunity for the purchase of lithium, by a joint venture between the two Japanese companies, for the production of batteries for electric vehicles in the United States.

Ioneer is expected to supply 4,000 tonnes of lithium carbonate per year for five years in an attempt to compete with market leader Contemporary Amperex Technology (CAT) batteries. This amount of lithium is enough to make about 150,000 electric cars per year.

The tax credit for electrical equipment depends on lithium

In the US Congress, a proposal to extend the tax credit for electric vehicles requires that lithium and other minerals from EVs be purchased by automakers starting in 2023.

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In July, Iooner also signed lithium supply agreements with Ford and, last year, with South Korea’s Ecopro.