Here you can see the place of Cobalt in some chemistry's of Lithium ion batteries. Yesterday's announcement from GE about "the biggest ever" order for the EVs will bring Obama's target one step closer. It looks like at least some people in US Corp. board room are taking situation seriously.
"We have another warning on Peak Oil situation - this time it is the report from New Zealand Parliament "The New Oil Shock?" This year we have a staggering number of reports and warning on the looming Peak Oil situation. It takes time for reality to settle in, particularly, when nobody knows what to do with it. We have put REE in the headline and only few months ago we would have to explain, what is it all about - now suddenly everybody is talking about REE and stocks involved in Rare Earths are all making new highs. It takes a crisis for us to realise that fundamentals are driving the real trends. Sudden realisation that China controls more than 90% of REE market and their reserves maybe will last only for another twenty years, created the catalyst in the market place."
October 27, 2010
Recovery Act Investment Will Support Job Creation, U.S. Economic Competitiveness and Advanced Vehicle Industry
WASHINGTON, D.C. - U.S. Energy Secretary Steven Chu issued the following statement on today's groundbreaking of BASF's new production plant for advanced lithium-ion battery materials, funded in part through the Department of Energy's Vehicle Technologies Program.
"This groundbreaking is an illustration of how Recovery Act investments are creating jobs and building new industries here in the U.S. Today's announcement puts Elyria at the forefront of innovation in America's automotive industry. This region will stand as an example of America's economic competitiveness and our commitment to supporting a strong manufacturing industry," said Secretary Chu.
BACKGROUND INFORMATION ON TODAY'S ANNOUNCEMENT
BASF Catalysts, LLC was awarded $24.6 million under the American Recovery and Reinvestment Act to establish a facility to produce 2,500 metric tons per year of nickel-cobalt-metal cathode materials, a critical component of lithium-ion batteries for electric and hybrid electric vehicles. This investment will help to continue bringing down the cost of batteries while improving their safety, energy and power. The technology included in the batteries is licensed from the Department of Energy's Argonne National Laboratory, and when the plant is fully operational in 2012, it is expected to be the most advanced cathode materials production plant in North America. Improvements in the cost and efficiency of the lithium-ion batteries that are used in most plug-in hybrid electric vehicles and battery electric vehicles will support the growing deployment of electric vehicles and help to reach President Obama's goal of having one million electric drive vehicles on U.S. roads by 2015. This project is one of 48 advanced battery and electric drive projects that were awarded $2.4 billion through the Vehicle Technologies Program under the Recovery Act.