Source: EnergyNow
In an effort to gain more control over the supply chain for its electric vehicle batteries, Tesla Inc is moving ahead on its plans to construct a lithium refinery in Texas.
In an earnings call Wednesday, CEO Elon Musk confirmed plans were moving forward when an analyst asked about Tesla’s progress in developing its new 4680 battery cell technology.
The plan is to build a battery-grade lithium hydroxide refinery in the area of Corpus Christi which will take raw lithium ore and process it into production-ready lithium for use in batteries. The plan has been being analyzed for months, and the company had been considering another site in Louisiana.
In the call, Musk referred to lithium prices as “crazy expensive.” He has often encouraged entrepreneurs to get into lithium refining, noting it would ease supply-chain bottlenecks in the rapidly expanding EV manufacturing sector.
The Daily Financial Trends
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience in implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor in this space. Stuart has led the “Total Corporate Digital Integration” platform at Sandstone and works with Sandstone clients to help integrate all aspects of modern digital business. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage and is the Co-Host of the energy news video and Podcast Energy News Beat.
Stuart is on Board Member of ASN Productions, DI Communities
Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.