- Global sales of lithium-ion batteries projected to reach $93 billion by 2025
- MGX Minerals has proprietary, patent-pending PetroLithium™ technology to process lithium faster and at reduced cost
- PetroLithium™ process promises excellent low energy and low cost solution for lithium processing using nanofiltration
- MGX offers oil and gas companies a green solution to wastewater management
With processed lithium being predominantly used in batteries to power electric vehicles, cell phones, laptop computers and other mobile devices, analysts have predicted a growth in the lithium-ion batteries market over the next five years to annual sales of over $46 billion. This presents a growth opportunity for suppliers of processed lithium, with MGX Minerals, Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) being pre-eminent in this field. Together with its engineering partner, PurLucid Treatment Solutions, MGX has developed a patented PetroLithium™ process to extract lithium from brine wastewater, a by-product of oil and gas processing (http://dtn.fm/E8IaP).
Many analysts are calling lithium the new green energy source because of its huge potential for use in the storage of clean, renewable and environmentally friendly energy. Lithium is used in power sources to drive systems and equipment in many multi-billion-dollar industry sectors, as well as for diverse applications, from electric vehicles to energy grid storage. Vancouver-based MGX Minerals is a developer of lithium, magnesium and silicon products and is perfectly positioned to service the projected global demand for lithium, with its PetroLithium™ process truly game changing in the industry. At this point in time, MGX’s innovative technology has placed it way ahead of other lithium processors and perfectly positioned to scale up its operations to supply the world’s lithium.
The PetroLithium™ process substantially reduces the duration and cost of the traditional process using solar evaporation, which requires vast tracts of land and takes between 18 and 24 months to complete. MGX’s process also displays environmental integrity by eliminating the traditional method of disposing of wastewater back into the ground, which contaminates potable water supplies and can cause landslides.
MGX has concluded agreements with oil and gas companies to conduct well testing and exploration throughout Alberta and in Utah so as to expand its lithium portfolio. The company offers operators within this industry sector a unique and environmentally friendly solution for the disposal of their wastewater. Their licensed nanoflotation technology separates heavy metals and hydrocarbons from the brine, purifying the wastewater and providing feedstock for the PetroLithium™ process. This proprietary technology offers a win for oil and gas companies and a cost-effective solution to their wastewater disposal headache. It is anticipated that more companies in the oil and gas industry will be lining up to integrate this technology into their operations.
There are several factors driving the global demand for lithium (http://dtn.fm/sA6zx). As part of its commitment to reduce greenhouse gas emissions and slow down climate change, China has recently announced its requirement for one in every five cars sold to run on alternatives to fossil fuels by 2025. Electric vehicles running on energy stored in lithium-ion batteries is the foremost technology of these alternatives, and several European countries, including Germany, France and the United Kingdom have also voiced their preference to move away from vehicles driven by internal combustion. The financial services company, UBS, has forecast a growth in electric vehicle sales (http://dtn.fm/hkcS2) from 3.1 million units in 2021 to 14.2 million units in 2025, while Grand View Research (http://dtn.fm/54LoE) has projected global sales of lithium-ion batteries to reach $93 billion by 2025.
The demand for lithium batteries will also come from the exponential growth in the use of mobile devices like smartphones, tablets and laptops, especially in emerging economies. Lithium-based storage technology is used for greener, renewable power generation options like solar and wind, and the demand for processed lithium will increase as more countries replace the use of fossil fuels for power generation in favor of these cleaner alternatives.
All indications are that the worldwide market for lithium will experience exponential growth over the next eight years. It is evident that, with its proprietary technology and expertise in lithium processing, MGX Minerals is uniquely positioned within the industry to take advantage of this projected global demand for lithium.
For more information, visit the company’s website at www.MGXMinerals.com
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