Lithium & Boron Technology Announces Breakthrough Technology For Lithium Carbonate Production Used in Electric Vehicle and Energy Storage Batteries

Rhea-AI Summary

Lithium and Boron Technology, Inc. (LBTI) announced a breakthrough in lithium carbonate extraction technology aimed at processing brine from the Dachaidan Salt Lake in Qinghai, China. The company claims its proprietary technology significantly reduces production costs to approximately $3,125 per tonne while enhancing extraction efficiency and environmental sustainability. LBTI plans to increase production capacity to 20,000 tonnes annually within two years. The rising market demand has driven lithium carbonate prices in China up by 570%, indicating a promising future for the company in the electric vehicle and energy storage battery markets.

Positive

• Breakthrough in lithium carbonate extraction technology enhances efficiency and lowers costs to approximately $3,125 per tonne.
• Plans to increase production capacity to 20,000 tonnes annually within two years.
• Lithium carbonate prices in China rose by 570%, suggesting strong demand and market potential.

Negative

• None.

DACHAIDAN, QINGHAI PROVINCE, China, Nov. 11, 2021 /PRNewswire/ -- Lithium and Boron Technology, Inc. (OTC Pink: LBTI) ("LBTI" or the "Lithium Boron Technology"), a leading producer of Boric Acid and manufacturer of lithium carbonate, announced today, a major breakthrough in lithium carbonate extraction technology that will be used to process mineral rich brine water from the vast Dachaidan Salt Lake located in XaiXai, Quinhai Province, China.

Mr. Jimin Zhang, the newly appointed Chairman of LBTI, remarked, "We use a proprietary sorbent processing technology that has revolutionized traditional methods of lithium extraction which we believe is one of the best available in the world. The process enables us to efficiently extract lithium carbonate, in an environmentally friendly manner with a modularized, miniaturized and simplified process. We believe our production costs are among the lowest in the industry at approximately $3,125 (20,000 yuan)/ tonne which should enable us to produce lithium carbonate for industrial batteries (incl. electric vehicle batteries and energy storage batteries) at higher profit margins than other producers."

Mr. Zhang continued: "We are planning to build production capacity to an annual output of 20,000 tonnes of lithium carbonate over the next two years. According to Trading Economics, the price of Lithium Carbonate in China increased from 33,843 yuan per tonne to 194,000 yuan, approximately 570% increase because of the growing market demand and tight supply. We expect the trend to continue over the next five years."

Mr. Zhang concluded, "Given the global shift from gas guzzling combustion engines to new EV vehicles and the growth of lithium energy storage batteries, I believe Lithium Boron Technology has a very bright future."

On another note, Lithium & Boron Technology would like to recognize the achievements of retired Chairman, Mao Zhang, who was instrumental in building the Company and welcomes Mr. Xudong "Rhett" Wang, the Company's Chief Financial Officer as a new director of the Company.

About Lithium & Boron Technology, Inc.
We are a leading boric acid manufacturing company in the PRC. Our strategy is to expand our manufacturing facilities to produce lithium carbonate for the rapidly growing electric vehicle ("EV") battery and energy storage battery market in China. We have the exclusive right to process brine from Dachaidan Lake.

For more information contact:

USA
Robert Newman 
Phone: (917) 494-9974
Email: RN@EastWestDV.com

CHINA
Rhett Wang
Phone
Rhettwang@lithiumborontechnology.com

View original content:https://www.prnewswire.com/news-releases/lithium--boron-technology-announces-breakthrough-technology-for-lithium-carbonate-production-used-in-electric-vehicle-and-energy-storage-batteries-301421975.html

SOURCE Lithium & Boron Technology, Inc.

FAQ

What is the recent breakthrough announced by LBTI?

LBTI announced a breakthrough in lithium carbonate extraction technology that improves efficiency and reduces production costs.

What are the anticipated production targets for LBTI?

LBTI plans to increase its lithium carbonate production capacity to 20,000 tonnes annually over the next two years.

How much have lithium carbonate prices increased in China?

Lithium carbonate prices in China have surged by approximately 570% to reach around 194,000 yuan per tonne.

How does LBTI's production cost compare to market rates?

LBTI's production cost is approximately $3,125 per tonne, which is significantly lower than current market prices.

What market trends are influencing LBTI's growth?

The growth of electric vehicles and energy storage solutions are driving demand for lithium carbonate, positively impacting LBTI's market prospects.