Global demand for lithium is trending upwards due to the
increasing need for energy storage solutions and the growing
electric vehicle industry. Large batteries, such as those in
electric vehicles, require a significant amount of lithium,
creating a large market for the product.
Notwithstanding the COVID-19 pandemic,
electric vehicles are becoming increasingly common. As they become
cheaper, battery capabilities improve, and concerns over climate
change increase, demand for electric vehicles, and their lithium
components, is expected to accelerate. On a global
scale, it is expected that by 2025, electric vehicles
will account for 10% of passenger vehicle sales, rising to 28% in
2030, and 58% by 2040. As Alberta recovers from the COVID-19
pandemic, the decreased demand for oil and gas brought on by the
pandemic and the collapse in commodity prices, Alberta is looking
for ways to diversify its economy and take advantage of lithium as
a new and exciting industry.
