- Lucid Group (NASDAQ:LCID), a top electric vehicle company, has formed a critical minerals alliance to strengthen the US supply chain destined for automotive manufacturing
- Members include Alaska Energy Metals (TSXV:AEMC), Electric Metals (TSXV:EML), Graphite One (TSXV:GPH) and RecycLiCo Battery Materials (TSXV:AMY)
- Lucid Group stock has given back 8.91 per cent year-over-year and 67.95 per cent since inception in 2020
Top electric vehicle player Lucid Group (NASDAQ:LCID) has formed a critical minerals alliance to strengthen the US supply chain destined for automotive manufacturing.
This content has been prepared in collaboration with Lucid Group Inc., Alaska Energy Metals Corp., Graphite One Inc., Electric Metals USA Ltd. and RecycLiCo Battery Materials Inc., and is intended for informational purposes only.
Members include nickel developer Alaska Energy Metals (TSXV:AEMC), manganese miner Electric Metals (TSXV:EML), metals recovery and battery upcycling specialist RecycLiCo Battery Materials (TSXV:AMY), as well as Graphite One (TSXV:GPH), which is slated to begin production at two facilities in 2028.
The alliance, formally known as The Minerals for National Automotive Competitiveness Collaboration (MINAC), will focus on completing offtake agreements for domestic critical minerals for use in American automobiles, in addition to resolving industry barriers and enhancing coordination between the mining and automotive sectors, with eyes on ultimately facilitating customer adoption and market growth.
Leadership insights
“Domestic supply chains strengthen manufacturing resilience, fortify sustainable supply chains and accelerate job growth,” Marc Winterhoff, Lucid’s interim chief executive officer (CEO), stated in Wednesday’s news release. “Following in the footsteps of our previous agreements, today we are doubling down on our commitment to powering American innovation and look forward to working with our partners as we build the next generation of automotive manufacturing in the United States.”
“By developing resilient automotive supply chains, we establish commercially viable mining operations that also help strengthen the American defense industrial base,” commented Gregory Beischer, president and CEO of Alaska Energy Metals. “Sourcing minerals domestically enables better regulatory oversight, higher environmental standards, metal source traceability and responsible sourcing. This approach mitigates harmful environmental and human rights risks often associated with foreign mining operations and provides an opportunity to improve the livelihoods of American communities.”
“We are honored to join MINAC in advancing a secure and resilient 100-per-cent domestic supply chain for critical minerals,” commented Brian Savage, CEO of Electric Metals. “As the developer of the highest-grade manganese deposit in North America, located in Emily, Minnesota, Electric Metals is committed to establishing a domestic source of high-purity manganese products essential to the US electric vehicle, battery and defense industries. With no current domestic production of manganese, our project addresses a critical vulnerability in the nation’s supply chain. This collaboration is a strategic step towards reducing reliance on foreign sources and strengthening US industrial and energy security.”
“Graphite One is pleased to be partnered with Lucid via supply chain offtake agreements for both synthetic and natural graphite,” added Anthony Huston, CEO of Graphite One. “With MINAC representing domestic developers of the essential rechargeable battery materials and Lucid as an end-user, this agreement marks a significant step towards creating the fully US-based supply chain that is an indispensable element of U.S. energy dominance.”
“RecycLiCo is proud to work alongside Lucid and our fellow MINAC collaborators, advancing our shared commitment to robust, sustainable and secure domestic supply chains for critical minerals,” concluded Richard Sadowsky, CEO of RecycLiCo. “We are actively seeking opportunities to leverage our advanced hydrometallurgical process to efficiently recover high-purity lithium, cobalt, nickel and manganese from end-of-life batteries, manufacturing scrap and newly mined ore to help shape a future-ready critical minerals industry.”
About Lucid Group
Lucid is a Silicon Valley-based electric vehicle manufacturer. Its award-winning models include the Lucid Air and new Lucid Gravity.
Lucid Group stock (NASDAQ:LCID) is up by 1.28 per cent trading at US$3.17 as of 10:39 am ET. The stock has given back 8.91 per cent year-over-year and 67.95 per cent since inception in 2020.
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