Japanese holding company SoftBank has signed an agreement to acquire a stake of up to 9.9% in Canada’s Nemaska Lithium.
SoftBank said the undisclosed investment amount in the lithium development firm will help to meet growing demand for batteries uses in electric devices and electric vehicles.
Under the terms of the deal, as long as SoftBank holds a minimum ownership interest of 5% in Nemaska, the Japanese group will have access to purchase up to 20% of Nemaska’s lithium product output over the long term.
Masayoshi Son, chairman and CEO of SoftBank, said: “We are extremely pleased to be further accelerating the mobile revolution, an era of Internet of Things and electric vehicles enabled by the fusion of technology and energy storage.”
BBB reported last November that Softbank’s renewables division, SB Energy, had worked with Mitsubishi UFJ Leasing on a 102.3MW solar PV project combined with 27MWh of lithium-ion battery storage.
Last December, Nemaska reached the production of 1.5 tonnes of battery grade lithium hydroxide produced from the Whabouchi spodumene mine in Quebec.
Meanwhile, Nemaska Lithium is building a lithium electrochemical refining plant at Shawinigan, which will start commercial production of high-purity lithium hydroxide and lithium carbonate in the second half of 2020.
Independent laboratory analyses confirmed last year that the lithium produced from Shawinigan’s phase one demonstration facility “meets the specifications of cathode manufacturers globally”, Nemaska said.
Nemaska’s president and CEO, Guy Bourassa, said: “Upon the completion of this transaction, SoftBank will be a new esteemed shareholder and customer for Nemaska Lithium…. SoftBank’s culture of innovation melds very well with our own corporate values and is a clear endorsement of our approach to producing environmentally friendly, low-cost lithium compounds.”
