A Lithium Rush Is On at California's Salton Sea: Who Are the Players?
Fast-forward 174 years from the start of the California Gold Rush in 1848 and zip southeasterly about 460 miles from the location that sparked that frenzy, and you'll land at the Salton Sea in 2022. This Southern California locale, being dubbed Lithium Valley, is home to a lithium rush.
Demand has been soaring for the metal that's used in the lithium-ion batteries that power electric vehicles (EVs). These batteries are also used in other applications, such as energy-storage systems and consumer electronics. Supply has been struggling to keep up, which has jolted lithium prices skyward. Record prices are spurring an even-more-robust lithium rush than what occurred about six years ago when lithium prices jumped significantly.
Domestic EV makers are surely cheering on the lithium rush that's underway across the United States. Only an estimated 1% to 2% of the lithium produced in the world is mined in this country (by lithium giant Albemarle (NYSE: ALB) in Nevada), which threatens the hardiness of EV supply chains.
Source Fool.com
