United States Department of Energy, Loan Programs Office has $72 Billion Loan Authority for the Development of Critical Minerals, including Lithium
The United States Department of Energy's Loan Programs Office has announced a $72 billion loan authority for the development of critical minerals, including lithium. This initiative is part of the American Battery Materials Initiative, aimed at enhancing domestic mining and reducing dependence on foreign sources, particularly China. PetroSun (OTC PINK: PSUD) highlighted its estimated lithium reserves of 1,226,000 gross metric tons, valued at $18.987 billion, based on lab analysis by Arizona State University. The company is also exploring additional leasing opportunities in various U.S. regions, such as the Smackover Formation and the Salton Sea. According to McKinsey and Company, the Lithium-Ion battery market could grow by over 30% annually, reaching a value of $400 billion by 2030. PetroSun aims to take advantage of this growth and the goal of U.S. lithium self-reliance by 2030.
- The DOE initiative provides a $72 billion loan authority for critical minerals development, including lithium.
- PetroSun has estimated lithium reserves of 1,226,000 gross metric tons, valued at $18.987 billion.
- The company is actively pursuing additional leasing opportunities to expand its lithium reserves.
- The U.S. aims for lithium self-reliance by 2030, which aligns with PetroSun's objectives.
- The global Lithium-Ion battery market is projected to grow by over 30% annually, reaching $400 billion by 2030.
- PetroSun's involvement in cutting-edge technology and diversified assets positions it well in the growing lithium market.
- The concentration of lithium supply chains in a few countries, notably China, poses risks for investors and businesses.
- Lithium extraction from brine water, which contains lower concentrations, requires massive-scale processing technology.
- Environmental and economic viability of lithium extraction at a lower market price of $15,000 per metric ton may be challenging.
- The current lithium production infrastructure in the U.S. is , necessitating a significant ramp-up.
PHOENIX, AZ / ACCESSWIRE / May 30, 2024 / PetroSun, Inc (OTC PINK:PSUD) (the "Company") announced today the United States Department of Energy, Loan Programs Office has established a
With this program the Federal Government is encouraging and supporting domestic mining to strengthen energy and supply chains for these critical minerals. The "American Battery Materials Initiative" makes clear the importance of energy security and energy independence for the United States.
The DOE states "The United States has substantial critical minerals resources, but we must do more if we want to lead in the mining or processing of these critical minerals. Many of the supply chains for these critical minerals are concentrated in just a few countries, most notably China. This increases the risk for investors and businesses, eroding U.S. economic power, weakening our energy security, and increasing our reliance on unreliable foreign sources, which are often produced with lower environmental or labor standards." Officials at the U.S. Department of Energy, through these policy initiatives want all lithium produced domestically by 2030.
PetroSun announced estimated lithium reserves of 1,226,000 gross metric tons with a current market value of
According to McKinsey and Company analysis, a multinational strategy and management consulting firm, the entire Lithium-Ion battery chain could grow by over 30 percent annually during the next six years and reach a global market value of over
In order to achieve this targeted growth rate there must be a ramp up of lithium extraction and processing operations beyond the one current production facility located in the United States. It will also require technology that processes brine water on a massive scale, as a major percentage of commercial grade lithium within the United States is contained within brine waters from geothermal and oilfield produced water that have lower lithium concentrations than clay or pegmatites (spodumene). These lithium and extraction processing operations must also be environmentally safe and economically viable at a lower-case market price of
"We are excited about the Federal priority to support and encourage the development of critical minerals, including lithium, which is our most valuable reserve asset. The goal of lithium self-reliance in the U.S. by 2030 provides a great opportunity for PetroSun and our technology assets" stated Gordon LeBlanc, Jr, Executive Chairman, CEO and President.
About PetroSun
PetroSun, Inc. is a fully integrated energy and mining business focusing on Lithium, Zeolite Clays, Rare Earth Elements, Mine Tailings, Helium, Natural Gas and Water Processing through the use of cutting-edge technologies, a broad portfolio of assets and leases, and a management team with decades of research, development, and production experience. PetroSun is vertically integrated with control of all aspects of the business from exploration and production to delivery to end users, providing customers direct customized solutions and shareholders maximum returns by participating in profitability at each stage in the supply chain.
PetroSun, Inc. owns significant leasehold acreage that is prospective for helium exploration and production in the Holbrook Basin of Arizona and for natural gas and helium in the Paradox Basin of Utah. The Company holds mineral leases on approximately 280,000 gross acres in the Holbrook Basin and Pedregosa Basin of Arizona and over 26,000 gross acres in the Paradox Basin.
PetroSun's greatest assets are its shareholders, partners, advisors, employees, and its patented and proprietary technologies. We seek to provide global solutions to some of the most critical challenges the world faces today and into the future. The Company trades on the OTC Pink Sheets under the symbol "PSUD".
For additional information:
Contact PetroSun at mallison@petrosun.us
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "project", "should", "will", "would", or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Market.com website. Contact: PetroSun, Inc. 2999 North 44th Street, Suite 620 Phoenix, Arizona 85018 480-425-4290 Website: www.petrosun.us
SOURCE: PetroSun, Inc.
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