–News Direct–
First Phosphate Corp CEO John Passalacqua joined Steve Darling from Proactive to share shared significant news. The company has signed a memorandum of understanding (MOU) with Ultion Technologies, based in Las Vegas, Nevada, for the procurement of lithium iron phosphate (LFP) and lithium iron manganese phosphate (LFMP) cathode active material.
Passalacqua provided insights into the scope of this MOU, revealing that the LFP technology covered by the agreement is already in production across two facilities. One facility boasts an impressive annual capacity of 10,000 tonnes, while the other can produce up to 50,000 tonnes annually.
This extensive production capacity underscores the scale of the operation. To put the potential market value of 50,000 tonnes of LFP cathode active material into perspective, Passalacqua highlighted that it could range from US$625 million to US$1.25 billion, based on recent market price ranges.
In addition to LFP, the MOU also encompasses LFMP technology, which is currently in development and being produced at a quantity of several tonnes per month.
These developments showcase the strategic importance of First Phosphate Corp's partnership with Ultion Technologies, positioning the company to capitalize on the burgeoning demand for lithium-based materials in the rapidly expanding battery and clean energy sectors. This agreement reflects the company's commitment to providing essential materials for sustainable and renewable energy solutions while contributing to the growth of the global lithium supply chain.
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View source version on newsdirect.com: https://newsdirect.com/news/first-phosphate-signs-mou-with-ultion-technologies-for-lfp-and-lfp-cathode-813760355
First Phosphate Corp.
COMTEX_444793539/2655/2023-12-11T13:32:50