ioneer Signs Binding Offtake Supply Agreement With Prime Planet Energy & Solutions

ioneer Ltd announced that it has signed a binding offtake supply agreement with the Prime Planet Energy & Solutions joint venture between Toyota Motor Corporation and Panasonic Corporation, in which ioneer will supply PPES with lithium carbonate from its Rhyolite Ridge Lithium-Boron Project in Nevada.

PPES is a battery production company established through joint-investment between Toyota, the world's largest automotive manufacturer by revenue, and Panasonic, a leading battery manufacturer.

Under the Agreement, ioneer will deliver 4,000 tons per annum (tpa) of lithium carbonate to PPES over a 5-year term. PPES will utilise ioneer's lithium carbonate to produce batteries for use in U.S. electric vehicles.

ioneer's Executive Chairman, James Calaway, said: "ioneer is grateful to announce another key milestone for our company with a lithium carbonate offtake agreement with PPES. PPES is a world-class organisation and we look forward to being their trusted partner. This and the previously announced Ford and EcoPro agreements solidify ioneer's focus on the U.S. Electric Vehicle supply chain infrastructure. We look forward to providing lithium materials to PPES and all our offtake partners for their growth in the EV global market."

PPES's President, Hiroaki Koda said: "I am delighted to have a great partnership with ioneer in the battery supply chain, that can promote vehicle electrification toward realizing a carbon-neutral society. Having an agreement with ioneer provides PPES a first step in securing a U.S. supply of lithium, one of the most important parts for corresponding with the fast growing electrified vehicle industry. We have confidence in ioneer's technology of refining sedimentary sourced lithium and their competitiveness, and are expecting it to strengthen the PPES supply chain."