Dallas, Texas (October 23, 2018) — Controlled Thermal Resources (CTR) announced the official launch of the company’s $1.8-billion Hell’s Kitchen lithium-geothermal project today. Speaking at the CG/LA North American Infrastructure Leadership Forum in Dallas, Texas Rod Colwell, CEO of Controlled Thermal Resources outlined the project to key infrastructure leaders in the United States.
“Controlled Thermal Resources has developed an environmentally sustainable solution to produce battery-grade lithium products in a cost effective, real time process. CTR controls significant resources and land holdings within California’s Salton Sea geothermal field where geothermal brines contain large concentrations of lithium, among other valuable minerals. We expect to be in commercial operation, producing an estimated 75,000 tonnes of battery-grade lithium carbonate products per annum by 2022. ” Mr. Colwell said.
“What makes the Salton Sea resource unique is the availability of abundant geothermal steam that allows the extraction and concentration of lithium products to occur in real time, versus environmentally hazardous, time consuming evaporation pond and open-cut mining methods. The by-product of all of this is clean, green lithium products and 100% renewable, baseload, geothermal energy.”
Former U.S. Secretary of Transportation and Partner at Squire Patton Boggs, Secretary Rodney E. Slater introduced the project at the forum while discussing the future of electric vehicle-friendly infrastructure in the United States. “The exponential growth of electric vehicle sales and production is transforming the infrastructure conversation in the United States,” Secretary Slater said. “The Hell’s Kitchen lithium-geothermal project offers genuine, sustainable solutions and compelling upsides that include the co-location of battery manufacturing facilities and direct rail infrastructure onsite which will create jobs, and a much-needed economic injection into the Imperial Valley.”
Furthermore, CTR announced the appointment of globally recognized financial advisory firm KPMG to assist the company in its future development stages. Managing Director and Partner of KPMG Corporate Finance, Grant Brown said the firm is delighted to be working with CTR, and believes the project will resonate with companies seeking to secure consistent lithium product supplies based on future demand forecasts.
“Global electric vehicle sales are doubling every two years and this trend is only increasing, requiring dramatic expansion in lithium supply. Market forecasts of lithium demand are at four times’ current production by 2025; ten times by 2030 and; twenty times by 2040,” Mr. Brown said. “With this dynamic, the attention of many automotive and battery manufacturers has turned to securing their battery material supply chains.”
Also speaking at today’s forum, Hatch Global Director of Thermal Power, Adel Muna agreed that the Hell’s Kitchen project offers significant advantages over current lithium production methods. “With such prolific lithium concentration in the resource’s geothermal brine, CTR’s Hell’s Kitchen project will revolutionize the way the world seeks to meet the growing lithium demand,” Mr. Muna said. “This new, clean technology will reduce waste, minimize water usage, and help combat climate change, while it can also be used to make commercially viable, and very much in-demand lithium and energy products.”
CTR has been planning the Hell’s Kitchen Lithium-Geothermal project since 2014 and phase one of an estimated 75,000 tonnes of battery-grade lithium carbonate equivalent (LCE) products per annum is anticipated to be in commercial operation by late 2022, with contiguous resources that will ultimately produce around 300,000 tonnes of LCE per annum in future stages.