Luxembourg-based Eurasian Resources Group (ERG) has signed a five-year deal to sell cobalt to EVelution Energy in the US starting in 2026. The move comes as investment in the electric vehicle battery supply chain in the US has increased due to President Joe Biden's Inflation Reduction Act, which provides green energy tax credits. ERG will sell 3,000 metric tons of cobalt per year to EVelution, which plans to build a low-carbon cobalt sulphate plant in Arizona in 2024. The plant will be operational by 2026 and powered by solar panels.
FAQ - ERG signs deal to sell cobalt to US battery materials producer
Q: What company signed a deal to sell cobalt to a US battery materials producer?
A: Luxembourg-Based Eurasian Resources Group (ERG) signed a deal to sell cobalt to a US battery materials producer. [Source: Reuters]
Q: How long is the cobalt deal for?
A: The cobalt deal is for five years, starting from 2026. [Source: Reuters]
Q: What type of materials is the US battery materials producer interested in?
A: The US battery materials producer is interested in cobalt. [Source: Reuters]