Italian EV battery manufacturer signs LOI for geothermal lithium supply
Newly formed Statevolt has signed an LOI with Controlled Thermal Resources for the supply of geothermal lithium and power for a planned EV battery Gigafactory.
Italian electric vehicle battery manufacturer Italvolt has announced plans to construct a 54 GWh Gigafactory in Imperial Valle, California with a USD 4-billion CapEx. A new company called Statevolt has been launched to support this project. Accordingly, Statevolt has signed a letter of intent (LOI) with Controlled Thermal Resources (CTR) for the supply of locally produced lithium and geothermal power from CTR’s geothermal and lithium project in Hell’s Kitchen.
Once operational, the Statevolt Gigafactory will become one of the largest in North America and will serve around 650,000 electric vehicles a year at full capacity. Statevolt is led by Lars Carlstrom, the founder of Britishvolt and founder-CEO of Italvolt. The newly formed Statevolt team comes with deep industry experience and expertise to create an industry-leading facility. Due diligence is currently being done to determine the best location for the facility.
CTR is in the advanced stages of developing a battery-grade lithium extraction and conversion facility in Hell’s Kitchen in Imperial Valley, California. The company’s drilling program commenced in late 2021, as we reported, kicking off the first new geothermal project to be built at the Salton Sea in ten years. When fully realized, CTR will have the world’s first fully integrated new geothermal-lithium facility. CTR expects to deliver the first 50 MW of baseload power in late 2023.
“The development of lithium-ion batteries is crucial for the U.S. to meet its goals to transition to Net Zero. Statevolt is proud to begin its journey to develop U.S. expertise and production of lithium-ion batteries, as we look to serve this critical market.” said Lars Carlstrom. “We are pleased to be collaborating with CTR and its industry-leading, and highly-specialized approach to sustainable lithium production and development. Together, through the construction and development of Statevolt, we will support the nation’s energy transition while retaining a keen focus on low-cost, sustainable battery manufacture.”
“CTR is absolutely delighted to further our relationship with Statevolt. We applaud Lars and his team for taking a proactive approach to ensure the company’s future lithium supply, while also consciously seeking out the cleanest lithium and power available for Statevolt’s first U.S. Gigafactory.” said Controlled Thermal Resources CEO Rod Colwell.
The partnership between CTR and Statevolt is a first of its kind as a “hyper-local” sustainable business model for lithium battery development in the U.S. It creates a more sustainable and secure supply chain by sourcing the feedstock and power for battery development from local resources. Statevolt also expects to deliver up to 2,500 direct jobs for the Imperial Valley and other nearby regions.
Source: Email correspondence