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Gigafactories need access to domestic supply of critical metals needed to produce electric vehicles, according to Electric Royalties (TSXV:ELEC) CEO Brendan Yurik.
Yurik explains current production of critical metals, like graphite, tin, nickel and cobalt, is heavily concentrated in China, Indonesia and the Democratic Republic of Congo, which presents potential supply safety concerns for Gigafactories that will soon rise in North America, Europe and Australia. It also runs counter to the goal of net-zero emissions.
“If the whole point of this transition is for us to reduce our carbon footprint, get to zero emissions, it doesn’t make much sense to be shipping from halfway across the world to Gigafactories that are going to be up in North America, Europe and Australia. Having a domestic source that’s going to be nearby these factories, I think, is going to be an essential thing,” Yurik said.
Electric Royalties has 20 royalties to date, with 40 percent of its portfolio comprising lithium assets. Price of lithium has increased 350 percent over the last 12 months. The company also has exposure to all nine clean energy metals that they’re targeting, according to Yurik.
“We have cash flow coming out of our producing royalty in the US, which we closed last year. And we’ve got a number of other royalties that we’re expecting to come into production as we move forward into 2023 and 2024.”
The company has raised more than $400 million in the last 18 months, all of which will be used to move their current assets forward, according to Yurik.
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