The lithium industry needs US$116 billion of investment to achieve the 5.7x ramp-up in production needed for 2030 decarbonisation goals, and prices may remain ‘tight’ in the coming years.

Nuclear generation company Exelon and chemical company Albemarle, which has lithium mining facilities, are investigating opportunities in the energy storage space, having partnered with battery energy storage investor Volta Energy Technologies to do so.