Chinese Battery Giant Launches EV Battery With One-Charge Range of Over 1,000 KM

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New York, NY – June 30, 2022 – Chinese battery mogul Contemporary Amperex Technology Co. Ltd. (CATL) just unveiled an electric car battery with a range of over 1,000 kilometers (620 miles) on a single charge and is 13% more powerful than one expected by Tesla Inc. (NASDAQ:TSLA), a major customer. As the world’s largest maker of electric car batteries, CATL will start manufacturing the next generation “Qilin” in 2023. The battery charges faster than existing cells and is safer and more durable, according to CATL. The new battery will also increase the volume utilization rate to 72%, the highest in the world, and will increase the battery system’s energy density to 255 Wh/kg. The company has raised 45 billion yuan (US$6.7 billion) in a private placement of shares, with the proceeds earmarked for the production and manufacturing upgrade of lithium-ion batteries ​​in four Chinese cities, as well as research and development. E3 Lithium (TSXV:ETMC), FREYR Battery (NYSE:FREY), Nano One Materials Corp  (TSX:NANO), and Microvast Holdings, Inc. (NASDAQ:MVST) are racing to gain market share in the growing lithium battery sector.


E3 Lithium (TSXV:ETMC) is a lithium technology and resource company focused on powering the growing electric revolution.


On June 29, E3 Lithium created its first successful battery thanks to a collaboration with Pure Lithium. Pure Lithium used lithium produced from E3‘s proprietary DLE technology to create the lithium metal to produce a pouch cell battery. Now that the initial test has demonstrated proof of concept, the two companies have signed a memorandum of understanding (MOU) to perform further testing and validation work.


The goal is to complete a series of testing over the next six to nine months to define how E3 Lithium and Pure Lithium’s technologies can be combined to produce a commercially-viable production process for lithium metal electrodes and batteries.


E3 Lithium‘s goal is to ensure that it has a diverse product offering to respond to the growing and changing lithium battery and electric vehicle market. While the strong market for high nickel cathode chemistry batteries likely means E3’s first phase of production will be lithium hydroxide, the company believes lithium metal will be a critical component in the next generation of lithium batteries.


“Creating the first battery using our lithium is a major accomplishment for E3. This small application proves the functionality of our product and assists in validating our business plans into the future,” said E3 Lithium CEO Chris Doornbos. “While E3 is focused on manufacturing lithium hydroxide to supply the burgeoning lithium-ion battery market for EVs, we believe lithium metal and solid-state batteries are likely to become a large part of the market.”


On June 23, E3 Lithium announced a monumental strategic agreement with one of the largest global oil companies, Imperial Oil, to advance a lithium-extraction pilot in Alberta. The company is exploring the redevelopment of a historic oil field into a potential new leading source of lithium for Canada’s growing critical minerals industry.


The pilot will support E3 Lithium’s Clearwater project, which will draw lithium from under the Leduc oil field, Imperial’s historic discovery that first launched major oil and gas development in Western Canada. The companys proprietary technology is designed to extract the critical mineral from the lithium-rich brine, with the potential for commercial development of battery-grade products.


The pilot project includes the drilling of the first lithium evaluation wells in Alberta, which is expected to be completed by the end of Q3 2022. Work will also focus on scaling up E3 Lithium‘s proprietary technology, which brings liquid brine to the surface where the lithium is removed and concentrated. This liquid is immediately returned underground as part of a closed-loop system. E3 Lithium‘s PEA estimates that the first phase of development could produce around 20,000 tonnes of lithium hydroxide per year.


Under the agreement, E3 Lithium will continue to operate the Clearwater Project and retain its intellectual property, with technical and development support from Imperial in areas such as water and reservoir management. The agreement also includes access for E3 Lithium to freehold lands in the area, which is operated by Imperial Oil.


For more information about E3 Lithium (TSXV:ETMC), click here.


Tesla and EV Battery Manufacturers Report Q1 Results


For Q1 2022, Tesla Inc. (NASDAQ:TSLA) saw its total revenue increase 81% year-over-year to $18.8 billion, mainly due to growth in vehicle deliveries, an increase in average selling price (ASP), and growth in other areas of the business. Its operating profit improved to $3.6 billion in the first quarter, which translated into an operating margin of 19.2%. Tesla’s total debt


excluding vehicle and energy financing fell to less than $0.1 billion at the end of the quarter. The company plans to increase its manufacturing capacity as soon as possible. Over a period of several years, Tesla expects to reach 50% average annual growth in vehicle deliveries. The growth rate will depend on the capacity of its equipment, operational efficiency and supply chain capacity, and stability. The company’s factories operated below capacity for several quarters, as the supply chain has become the main limiting factor, which is expected to continue throughout the rest of 2022.


FREYR Battery (NYSE:FREY), a developer of clean, next-generation battery cell production capacity, has entered into a reservation agreement with Changzhou Senior New Energy Materials and Senior Material (Europe) AB to supply battery materials for its Customer Qualification Plant, currently under construction in Mo i Rana, Norway, as well as for the company’s planned combined Gigafactory 1 & 2. Changzhou Senior New Energy Materials Co., Ltd. is a pre-qualified supplier of 24M Technologies, Inc., manufacturer of the 24M SemiSolid™ production platform which enables longer-lasting lithium-ion battery production. FREYR Battery licensed the 24M platform with the ambition to reduce steps in the battery cell manufacturing process and subsequently reduce carbon emissions. On June 27, the Minister of Trade and Industry launched the Norwegian Government’s National Battery Strategy at FREYR Battery factory’s giga location in Mo i Rana, Northern Norway.


On June 17, Nano One Materials Corp (TSX:NANO) announced the closing of the strategic equity investment and collaboration with Rio Tinto, a leading global mining and metals group, announced on June 9, 2022. Rio Tinto made a capital investment of US$10 million into Nano One. The two companies entered into a collaboration agreement under which they will work together to explore and evaluate opportunities to further drive localization of the lithium-ion battery value chain, particularly in Quebec. In addition, the agreement supports the acceleration of the commercialization of Nano One’s patented cathode technology.

Microvast Holdings, Inc. (NASDAQ:MVST) generated revenues of $36.7 million in Q1 2022, an increase of 145.5% compared to $14.9 million for Q1 2021. Net loss was $43.8 million in the quarter, compared to a net loss of $16.3 million in the prior-year quarter. Microvast continues to expect revenue for FY 2022 to increase 35% to 45% compared to FY 2021. On June 27, Microvast announced that it has joined the broad-market Russell 3000® Index. Membership in the US all-cap Russell 3000 Index means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000 Index, depending on the cases, as well as appropriate growth and value style indexes. Russell indices are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.


With a significant lithium resource and innovative tech solutions, E3 Lithium has the opportunity to deliver lithium to market from one of the best jurisdictions in the world.


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