Doug Cole, the CEO of American Battery Metals Corporation (OTCMKTS:ABML), is voicing his support for General Motors Company's new joint venture with the South Korean company LG Chem, which centers on the manufacturing of batteries for electric vehicles.
Together, the giant American automaker and its South Korean partner will invest $2.3 billion to build an electric vehicle battery cell plant in Ohio and create one of the largest battery manufacturing facilities in the world.
“When two giants like GM and LG invest this kind of money to create a battery manufacturing plant, it’s a clear indicator that the explosive projections for the adoption of EV are accurate,” said CEO Doug Cole in a statement. “And it is particularly noteworthy that they will build this factory in the United States.”
The announcement could contribute to a turnaround in the depressed prices for lithium, which is likely to see a resurgence in demand, thanks to the rise of electric vehicles, which require more battery-grade lithium than is available.
American Battery Metals is a lithium resource exploration and development company, which operates a mining project in the Railroad Valley of Nye County, Nevada. Its goal is to become a top supplier of battery metals to America’s electric vehicles and battery storage markets.