–News Direct–
First Phosphate Corp CEO John Passalacqua joined Steve Darling from Proactive to announce a significant agreement with American Battery Factory of Utah.
The partnership aims to support the production of up to 40,000 tonnes of annual fully North American-manufactured lithium iron phosphate (LFP) cathode active material (CAM).
Under this agreement, the production of LFP CAM will have an annual monetary value ranging from $500 million to $1 billion, depending on future raw material prices. The objective is to establish LFP battery production for the battery storage sector in North America.
The collaboration between First Phosphate Corp and ABF involves the sourcing of an established LFP technology partner to assist in servicing ABF's LFP CAM production needs in North America.
First Phosphate Corp will be responsible for sourcing and supplying local raw materials and managing logistics for the LFP CAM production process. The integration into ABF's workflows will be a key aspect of the partnership.
American Battery Factory anticipates sustained annual demand for LFP CAM, beginning in 2026 and increasing to up to 40,000 tonnes annually by 2028. This demand will support ABF's planned LFP battery manufacturing facility in Tucson, Arizona.
This partnership reflects the commitment of both companies to bolstering North American production of critical battery materials and supporting the growth of the energy storage industry.
Contact Details
Proactive Investors Canada
+1 604-688-8158
View source version on newsdirect.com: https://newsdirect.com/news/first-phosphate-agrees-to-deal-with-american-battery-factory-for-lfp-cathode-material-748557791
First Phosphate Corp.
COMTEX_440138360/2655/2023-09-13T13:06:34
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