{"id":20213,"date":"2022-04-11T13:34:27","date_gmt":"2022-04-11T12:34:27","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=20213"},"modified":"2022-04-11T13:34:27","modified_gmt":"2022-04-11T12:34:27","slug":"lake-resources-team-ford-signing-non-binding-mou-lithium-offtake","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/lake-resources-team-ford-signing-non-binding-mou-lithium-offtake\/20213\/","title":{"rendered":"Lake Resources team with Ford signing non-binding MoU for lithium offtake"},"content":{"rendered":"<h2>Lake Resources shares surge 10pc at the announcement of non-binding MoU with Ford Motor Company for lithium offtake deal.<\/h2>\n<p>Clean lithium developer, <a href=\"https:\/\/lakeresources.com.au\/\" target=\"_blank\" rel=\"noopener\">Lake Resources<\/a> NL (ASX: LKE; OTC: LLKKF), advises an offtake of approximately 25,000 tonnes per annum of lithium from the Kachi Project has been signed in a non-binding Memorandum of Understanding (MoU) with <a href=\"https:\/\/www.ford.co.uk\/?searchid=ppc:Search_GB(eng)%7C%5BAO%5D_Retail_SD_Brand_Brand:URLs_CPPI_GBP%7CShp-T2%7CExact~RLSA:com-Exact:ford%20com:e:c:o:GOOGLE&amp;msclkid=a06cdac574b3190f042fb8916bdea5d0&amp;gclid=a06cdac574b3190f042fb8916bdea5d0&amp;gclsrc=3p.ds\" target=\"_blank\" rel=\"noopener\">Ford Motor Company<\/a> (Ford).<\/p>\n<p>\u201cAs we have shared, Ford is sourcing deeper into the battery supply chain,\u201d explained Lisa Drake, Ford\u2019s vice president of EV Industrialisation. \u201cThis is one of several agreements we are exploring to help us secure raw materials to support our aggressive EV acceleration.\u201d<\/p>\n<p>Lake Resources specialises in clean, high purity lithium production \u2013 utilising efficient disruptive clean technology\u00a0\u2013 which isin high demand due to its use in <a href=\"https:\/\/www.innovationnewsnetwork.com\/cleaner-lithium-lake-solution\/16215\/\">electric vehicle manufacturing<\/a> and lithium-ion batteries.<\/p>\n<p>The company\u2019s direct extraction technology for the development of sustainable, high purity lithium from its flagship\u00a0Kachi Project, as well as three other lithium brine projects in\u00a0Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world&#8217;s lithium is produced at the lowest cost.<\/p>\n<p>This method will enable Lake Resources to be an efficient, responsibly sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.<\/p>\n<h3>Lithium offtake opportunity<\/h3>\n<p>This strategic collaboration between\u00a0Ford\u00a0and Lake to sit alongside the collaboration with Hanwa (29 March 2022) to fully develop a Clean Lithium Supply Chain to meet the global environmental demands for Electric Vehicles.<\/p>\n<p>\u201cBoth Lake Resources and Ford perceive this as an opportunity for a potential long-term agreement with the ability to scale up environmentally responsible production and participate in Lake\u2019s other projects to ensure high-quality lithium products are available to Ford,\u201d added Steve Promnitz, Lake\u2019s Managing Director. \u201cThis MoU with Ford supports Lake\u2019s strategy to be a key independent supplier into global lithium supply chains and ensure the security of supply to customers.\u201d<\/p>\n<h3>Lithium production<\/h3>\n<p>Lake\u2019s Chairman Stu Crow said project financing was becoming increasingly tied to ESG credentials and that investors, debt providers, and off-takers and their customers are demanding that new lithium projects adhere to strict ESG standards.<\/p>\n<p>\u201cIncreasing customer and consumer scrutiny around lithium production&#8217;s environmental and ethical credentials drives our focus on sustainable extraction,\u201d Crow commented. \u201cLake Resources is committed to integrating sustainable development practices throughout our operations, minimising our environmental footprint, and contributing to a clean energy future.<\/p>\n<p>\u201cThis MoU with Ford follows the Hanwa MoU. Together with the UK and Canada Export Credit Agencies\u2019 indicative provision of debt finance for around 70% of the Kachi project\u2019s capital requirements, this provides a framework of support for Lake\u2019s TARGET 100 Program, which has the goal of producing annually 100,000 tonnes of high purity lithium chemical to market by 2030.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lake Resources shares surge 10pc at the announcement of non-binding MoU with Ford Motor Company for lithium offtake deal. Clean lithium developer, Lake Resources NL (ASX: LKE; OTC: LLKKF), advises an offtake of approximately 25,000 tonnes per annum of lithium from the Kachi Project has been signed in a non-binding Memorandum of Understanding (MoU) with [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":20215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[24204],"tags":[582,24134,24206,24258],"acf":[],"yoast_head":"\n<title>Lake Resources team with Ford signing non-binding MoU for lithium offtake<\/title>\n<meta name=\"description\" content=\"Lake Resources shares surge 10pc at the announcement of non-binding MoU with Ford Motor Company for lithium offtake deal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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