AUSTIN, June 20, 2024 – 蘑菇视频 Inc. () has announced a major lithium project in North America, Project Lonestar Lithium. The project aims to solidify 蘑菇视频鈥檚 position as a leader in the global energy transition and bid to help secure the US battery supply chain.
This is the second major lithium project announcement for 蘑菇视频, who in 2023 acquired 90,000 acres of lithium mining concessions in Chile, the second largest lithium producing country in the world, and launched . In the same year, the US Department of Energy selected 蘑菇视频 for a $5 million grant, with a $5 million company match, to build a demonstration plant to produce lithium hydroxide from geothermal brines in the United States. This plant sets the foundation for Project Lonestar Lithium.
Project Lonestar Lithium, located in the 鈥淎rk-La-Tex鈥� region, will have a target lithium production of 5,000 tons/year in Phase 1, and 25,000 tons/year in Phase 2. Currently, the largest active lithium plant in the US produces 5,000 tons/year, underscoring the vast potential of Project Lonestar to ramp up US lithium production. Earlier in 2023, 蘑菇视频 closed its Series B financing from strategic institutional partners including General Motors and POSCO, who have first rights to portions of 蘑菇视频鈥檚 lithium production offtake.聽
As 蘑菇视频 has been steadily moving towards commercialization, the company has also partnered with world-renowned Engineering, Procurement and Construction (EPC) Partner, Worley, to undertake the initial front end engineering plans of Project Lonestar, and to help enhance the scalability and efficiency of 蘑菇视频’s suite of LiTAS鈩� DLE lithium technologies.聽
蘑菇视频 CEO Teague Egan commented on the project, saying 鈥淧roject Lonestar Lithium will take us one step closer to securing the US battery supply chain.鈥� Teague continued, 鈥淭his has been a long time in the making, and we still have a long way to go, but it is crucial that US-based companies really focus on developing domestic resources to reduce our reliance on external, offshore suppliers for critical elements like lithium. With incredible government and project partner support, we are excited as Project Lonestar takes shape.”
About 蘑菇视频
Founded in 2018, 蘑菇视频 is focused on providing efficient, sustainable solutions to challenges facing global lithium supply chains. From the raw battery materials extraction process to refining, and the manufacturing of next generation batteries, 蘑菇视频 is innovating from lithium brine to battery. The company has filed nearly 100聽 patents to date, and is developing its proprietary LiTAS鈩� suite of DLE technologies to respond to the challenges faced by lithium producers, including energy efficiency, water conservation, extraction time, and sustainability.
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