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Russian Nuclear Energy Company Jumps into EV Batteries
Rosatom Corp., Russia’s state-owned nuclear power company, tells Bloomberg News it is moving into the electric car battery business.
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Rosatom Corp., Russia’s state-owned nuclear power company, tells Bloomberg News it is moving into the electric car battery business.
Kirill Komarov, first deputy head, says Rosatom aims aims to integrate a product line ranging from lithium to complete batteries for EVs. The company’s goal is to derive 30% of its revenue from market outside nuclear energy by 2030.
Company economics is a major driver. Bloomberg notes that uranium prices have plunged 40% since 2014 and currently are less than $21 per pound. In the past two years the price of lithium carbonate has more than doubled to $14,000 per metric ton, as carmakers accelerate plans to electrify their vehicles’ powertrains.
Rosatom says it is in talks to revive a lithium mine in East Siberia that shut down more than 20 years ago. The company adds that it may invest in lithium mining projects in South America. Last week a Rosatom subsidiary announced it has launched a trading company in Switzerland that, among other materials, will begin trading lithium.
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