- Livent's battery-grade lithium hydroxide, made primarily from lithium extracted at its brine-based operations in South America, to be used in production of GM's electric vehicles
- 100% of Livent's downstream lithium hydroxide processing for GM to transition to North America over the course of the agreement
- Both companies prioritize commitment to responsible operations and sustainable supply chains
- GM has contractually secured all battery raw material to support its goal of 1 million units of EV capacity in North America by the end of 2025
PHILADELPHIA and DETROIT, July 26, 2022 /PRNewswire/ -- Livent and General Motors Co. announced today a significant multi-year sourcing agreement in which Livent will supply GM with battery-grade lithium hydroxide made primarily from lithium extracted at Livent's brine-based operations in South America. Lithium hydroxide is crucial to GM's plans to make higher performance, higher mileage EVs. The lithium hydroxide from Livent will be used in GM's Ultium battery cathodes, which will power electric vehicles such as the recently revealed Chevrolet Blazer EV, Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ.
Livent will provide battery-grade lithium hydroxide to GM over a six-year period beginning in 2025. Over the course of the agreement, Livent will increasingly supply battery-grade lithium hydroxide to GM from its manufacturing facilities in the U.S., with the goal of transitioning 100% of Livent's downstream lithium hydroxide processing for GM to North America. The agreement is expected to help secure supply for GM while assisting Livent in expanding its North American capabilities.
Both GM and Livent share a commitment to responsible operations and sustainable supply chains through industry and multi-stakeholder platforms. General Motors is a member of the Responsible Minerals Initiative (RMI), joined the Initiative for Responsible Mining Assurance (IRMA) in 2021 and plans to become carbon neutral in global products and operations by 2040. Livent is actively engaged in an IRMA third-party assessment, has a gold rating from EcoVadis for sustainability and has announced a goal of overall carbon neutrality by 2040.
"We are building a strong, sustainable, scalable and secure supply chain to help meet our fast-growing EV production needs," said Jeff Morrison, GM vice president, Global Purchasing and Supply Chain. "We will further localize the lithium supply chain in North America over the course of the agreement. In addition, it is aligned with our approach to responsible sourcing and supply chain management and demonstrates our commitment to strong supplier relationships."
"Importantly, GM now has contractual commitments secured with strategic partners for all battery raw material to support our goal of 1 million units of EV capacity by the end of 2025," added Morrison.
Paul Graves, president and chief executive officer of Livent commented, "We are excited to begin this long-term relationship with GM, one of the most iconic brands in the automotive industry and a leading force in the transition to electrification. With a shared commitment to sustainability and responsible operations, we look forward to building a broad partnership that will support GM's electric vehicle strategy, its supply chain goals and the future requirements of its growing EV fleet for reliable, high-performance lithium products."
GM will discuss the agreement as part of its earnings call later this morning, and Livent will do the same as part of its upcoming second quarter 2022 earnings call on August 2.
About General Motors
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
About Livent
Livent (NYSE: LTHM) is a fully integrated lithium company with a rich heritage of innovation and a long, proven history of producing performance lithium compounds. For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. For more information, visit Livent.com.
CONTACTS:
David Barnas
GM Communications
248-918-8946
david.barnas@gm.com
Juan Carlos Cruz
Livent Communications
215-299-6725
juan.carlos.cruz@livent.com
Daniel Rosen
Livent Investor Relations
215-299-6208
daniel.rosen@livent.com
Livent Forward-Looking Statements
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which are based on management's current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," "plans," or "projects," the negative of these terms and other comparable terminology. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the risk factors and other cautionary statements included within Livent's 2021 Form 10-K filed with the SEC as well as other SEC filings and public communications. Livent cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. Livent undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law.
The Company's investor relations website, located at https://ir.livent.com, should be considered as a recognized channel of distribution, and the Company may periodically post important information to the website for investors, including information that the Company may wish to disclose publicly for purposes of complying with federal securities laws.
General Motors Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgement about possible future events and are often identified by words such as "aim," "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
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SOURCE Livent Corporation
