Stellantis Reinvests in Controlled Thermal Resources Holdings Inc for Lithium
Along with the large shift towards battery-electric vehicles (BEVs), the auto industry is also looking for ways to be environmentally-friendly. One of the most popular methods of going about this is carbon neutrality, and eventually becoming carbon-free. It’s definitely a wonderful idea, especially with the growing lineup of BEVs. These vehicles don’t emit carbon dioxide, why should the process to make them be any different? Stellantis is one automotive group that is taking large strides for this by harnessing geothermal energy. Now, Stellantis is doubling down on the effort through a major investment of more than $100 million to advance the development of the Controlled Thermal Resources Holdings Inc. Hell’s Kitchen project.
“This substantial investment in CTR by Stellantis marks an outstanding milestone for our company and further solidifies our efforts to support sustainable electric-vehicle battery production,” CTR Chief Executive Officer Rod Colwell said. “With electric-vehicle adoption growing rapidly in the U.S. and throughout the world, it has never been more important to ensure battery materials are sourced and produced responsibly. Through localizing the battery supply chain, we can minimize supply chain risk and create thousands of jobs in a disadvantaged community. We applaud the leadership of Stellantis and look forward to working together to set new industry benchmarks for reliability, efficiency and sustainability.”
CTR’s Hell’s Kitchen project is a pretty big deal. It’s the world’s largest geothermal lithium project with a total resource capacity goal of producing up to 300,000 metric tons of lithium carbonate equivalent each year. With many automakers working with companies to be their main supplier for many of the resources that go into producing BEVs, the lithium produced by Hell’s Kitchen will go straight into supporting Stellantis’ BEV eligibility for consumer incentives under the U.S. Inflation Reduction Act (IRA). The initial supply agreement is to supply up to 65,000 metric tons of battery-grade lithium hydroxide monohydrate (LHM) for Stellantis each year over a 10-year contract term. This builds upon an initial agreement signed by both companies in June 2022 for up to 25,000 metric tons of LHM per year.
Going green is the new fad, and finding way to create “green energy”, like green hydrogen, is the new way to get ahead of the industry. Using renewable energy and steam to produce “green” battery-grade lithium products is a huge plus for the automotive group in their efforts to become carbon neutral. It’s all a part of Stellantis’ Dare Forward 2030 business strategy. Split into multiple endeavors, reducing carbon emissions is just one phase. Others include car connectivity technology, producing more than 75 BEVs over the course of the decade, and reaching a goal of 100-percent of passenger car BEV sales mix in Europe and a 50-percent passenger car and light-duty truck BEV sales mix in the United States by 2030.
It’s funny, isn’t it? Industries have been looking for renewable energy sources and alternative fuel for years, when all this time, it’s been right under our feet. What a world this would be if we shifted everything towards solar power, wind, geothermal, and even hydrogen. One step at a time, but we’ll get there. Follow along with all news relating to Stellantis when you follow along with us on Aventura Chrysler Jeep Dodge Ram social media.