- Livent's battery-grade lithium hydroxide, made primarily
from lithium extracted at its brine-based operations in
South America, to be used in
production of GM's electric vehicles
- 100% of Livent's downstream lithium hydroxide processing for
GM to transition to North America
over the course of the agreement
- Both companies prioritize commitment to responsible
operations and sustainable supply chains
- GM has contractually secured all battery raw material to
support its goal of 1 million units of EV capacity in North America by the end of 2025
PHILADELPHIA and DETROIT, July 26,
2022 /PRNewswire/ -- Livent and General Motors Co.
announced today a significant multi-year sourcing agreement in
which Livent will supply GM with battery-grade lithium hydroxide
made primarily from lithium extracted at Livent's brine-based
operations in South America.
Lithium hydroxide is crucial to GM's plans to make higher
performance, higher mileage EVs. The lithium hydroxide from Livent
will be used in GM's Ultium battery cathodes, which will power
electric vehicles such as the recently revealed Chevrolet Blazer
EV, Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ.
Livent will provide battery-grade lithium hydroxide to GM over a
six-year period beginning in 2025. Over the course of the
agreement, Livent will increasingly supply battery-grade lithium
hydroxide to GM from its manufacturing facilities in the U.S., with
the goal of transitioning 100% of Livent's downstream lithium
hydroxide processing for GM to North America. The agreement
is expected to help secure supply for GM while assisting Livent in
expanding its North American capabilities.
Both GM and Livent share a commitment to responsible operations
and sustainable supply chains through industry and
multi-stakeholder platforms. General Motors is a member of the
Responsible Minerals Initiative (RMI), joined the Initiative for
Responsible Mining Assurance (IRMA) in 2021 and plans to become
carbon neutral in global products and operations by 2040. Livent is
actively engaged in an IRMA third-party assessment, has a gold
rating from EcoVadis for sustainability and has announced a goal of
overall carbon neutrality by 2040.
"We are building a strong, sustainable, scalable and secure
supply chain to help meet our fast-growing EV production needs,"
said Jeff Morrison, GM vice
president, Global Purchasing and Supply Chain. "We will further
localize the lithium supply chain in North America over the course of the
agreement. In addition, it is aligned with our approach to
responsible sourcing and supply chain management and demonstrates
our commitment to strong supplier relationships."
"Importantly, GM now has contractual commitments secured with
strategic partners for all battery raw material to support our goal
of 1 million units of EV capacity by the end of 2025," added
Morrison.
Paul Graves, president and chief
executive officer of Livent commented, "We are excited to begin
this long-term relationship with GM, one of the most iconic brands
in the automotive industry and a leading force in the transition to
electrification. With a shared commitment to sustainability and
responsible operations, we look forward to building a broad
partnership that will support GM's electric vehicle strategy, its
supply chain goals and the future requirements of its growing EV
fleet for reliable, high-performance lithium products."
GM will discuss the agreement as part of its earnings call later
this morning, and Livent will do the same as part of its upcoming
second quarter 2022 earnings call on August
2.
About General Motors
General Motors (NYSE:GM) is a global company focused
on advancing an all-electric future that is inclusive and
accessible to all. At the heart of this strategy is the Ultium
battery platform, which powers everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under
the Chevrolet, Buick, GMC, Cadillac,
Baojun and Wuling brands. More information on the
company and its subsidiaries, including OnStar, a global
leader in vehicle safety and security services, can be found
at https://www.gm.com.
About Livent
Livent (NYSE: LTHM) is a fully integrated lithium
company with a rich heritage of innovation and a long, proven
history of producing performance lithium compounds. For nearly
eight decades, Livent has partnered with its customers to safely
and sustainably use lithium to power the world. Livent is one of
only a small number of companies with the capability, reputation,
and know-how to produce high-quality finished lithium compounds
that are helping meet the growing demand for lithium. The company
has one of the broadest product portfolios in the industry,
powering demand for green energy, modern mobility, the mobile
economy, and specialized innovations, including light alloys and
lubricants. For more information, visit Livent.com.
CONTACTS:
David Barnas
GM Communications
248-918-8946
david.barnas@gm.com
Juan Carlos Cruz
Livent Communications
215-299-6725
juan.carlos.cruz@livent.com
Daniel Rosen
Livent Investor Relations
215-299-6208
daniel.rosen@livent.com
Livent Forward-Looking Statements
Statement
under the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995: This release contains
forward-looking statements, which are based on management's current
views and assumptions regarding future events, future business
conditions and the outlook for the company based on currently
available information. In some cases, you can identify these
statements by forward-looking words such as "may," "might," "will,"
"will continue to," "will likely result," "is on track," "should,"
"expect," "expects," "intends," "plans," "anticipates," "believe,"
"believes," "estimates," "predicts," "potential," "continue,"
"could," "forecast," "future," "is confident that," "plans," or
"projects," the negative of these terms and other comparable
terminology. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any results, levels of activity,
performance or achievements expressed or implied by any
forward-looking statement. These factors include, among other
things, the risk factors and other cautionary statements included
within Livent's 2021 Form 10-K filed with the SEC as well as other
SEC filings and public communications. Livent cautions readers
not to place undue reliance on any such forward-looking statements,
which speak only as of the date made. Forward-looking statements
are qualified in their entirety by the above cautionary statement.
Livent undertakes no obligation, and specifically disclaims any
duty, to update or revise any forward-looking statements to reflect
events or circumstances arising after the date on which they were
made, except as otherwise required by law.
The Company's investor relations website, located
at https://ir.livent.com, should be considered as a recognized
channel of distribution, and the Company may periodically post
important information to the website for investors, including
information that the Company may wish to disclose publicly for
purposes of complying with federal securities laws.
General Motors Cautionary Note on Forward-Looking
Statements: This press release and related comments
by management may include "forward-looking statements" within the
meaning of the U.S. federal securities laws. Forward-looking
statements are any statements other than statements of historical
fact. Forward-looking statements represent our current judgement
about possible future events and are often identified by words such
as "aim," "anticipate," "appears," "approximately," "believe,"
"continue," "could," "designed," "effect," "estimate," "evaluate,"
"expect," "forecast," "goal," "initiative," "intend," "may,"
"objective," "outlook," "plan," "potential," "priorities,"
"project," "pursue," "seek," "should," "target," "when," "will,"
"would," or the negative of any of those words or similar
expressions. In making these statements, we rely upon assumptions
and analysis based on our experience and perception of historical
trends, current conditions, and expected future developments, as
well as other factors we consider appropriate under the
circumstances. We believe these judgements are reasonable, but
these statements are not guarantees of any future events or
financial results, and our actual results may differ materially due
to a variety of important factors, many of which are described in
our most recent Annual Report on Form 10-K and our other filings
with the U.S. Securities and Exchange Commission. We caution
readers not to place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and we undertake no obligation to update publicly or otherwise
revise any forward-looking statements, whether as a result of new
information, future events, or other factors that affect the
subject of these statements, except where we are expressly required
to do so by law.
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SOURCE Livent Corporation