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(Kitco News) - There is another demand drive for critical minerals that could be bigger than the electric vehicle sector, said Matt Fernley, Managing Director at Battery Materials Review.
On June 21, 2023, Fernley spoke to Kitco at the 15th Lithium Supply and Battery Raw Materials 2023 in Henderson, Nevada.
Fastmarkets writes in study that energy storage sector market is growing exponentially and in China and the U.S. it is outpacing that of EVs. Fastmarkets notes that the ESS market in China will grow more quickly year on year than EV sales, with 50% growth in 2023, compared to 25% for the EV market.
"It's a hugely exciting business," said Fernley. "It's growing off a very low base—much, much lower than EVs—but it's growing much more rapidly, and some commentators actually believe that the ESS market has the potential to be bigger than the EV market."
Coverage of 15th Lithium Supply and Battery Raw Materials 2023 sponsored by Lindian Resources (ASX:LIN).
0:30 - Lithium price bottom
3:25 - Lithium price volatility
5:10 - Energy stationary storage growth
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| Don't give the market an excuse to move off lithium - E3 Lithium's Chris Doornbos |
