10/11/2023 - WorldOra's Carbon News

ERG signs deal to sell cobalt to US battery materials producer.

Reuters reports - Luxembourg-Based Eurasian Resources Group (ERG) has signed a deal to sell cobalt for five-years from 2026 to electric vehicle battery materials producer EVelution Energy in the United States, ERG said in a statement on Wednesday.

Investment in the electric vehicle battery supply chain in the U.S. has soared due to President Joe Biden's Inflation Reduction Act (IRA), which has provided billions of dollars in green energy tax credits for cutting the nation's carbon emissions.

Most of the world's electric vehicle batteries and materials are produced in China.