Date: July 13, 2023
In a groundbreaking development, Norway has announced the discovery of an enormous phosphate deposit that has the potential to reshape the future of the electric vehicle (EV) industry. The vast reserves of phosphate, a critical component in the production of lithium-ion batteries, could alleviate the global supply chain concerns and fully charge the growth of electric vehicles worldwide.
With geologists searching far and wide for potential battery components, a massive new find of phosphate rock may have far-reaching effects on the electric vehicle sector. The Anglo-Norwegian company Norge Mining found the reserves in Rogaland, southwest Norway, which are equivalent to at least 70 billion tonnes.
Phosphate is a vital ingredient in the cathode material of lithium-ion batteries, which power the majority of electric vehicles on the market today. The demand for electric vehicles has been steadily increasing as countries strive to reduce carbon emissions and transition away from traditional combustion engines. However, the scarcity of certain raw materials, including phosphate, has posed a potential roadblock to the widespread adoption of electric vehicles.
The vast phosphate deposit found in Norway could have far-reaching implications for the electric vehicle industry. With a stable and abundant supply of phosphate, battery manufacturers would be able to meet the surging demand for EV batteries, significantly reducing production costs and potentially accelerating the transition to electric transportation worldwide.
The implications of this discovery extend beyond Norway’s borders. The global electric vehicle industry is expected to benefit greatly from the increased accessibility of phosphate, as it would reduce dependence on a limited number of phosphate-rich regions and enhance supply chain stability.
Norway, already recognized as a global leader in electric vehicle adoption, plans to leverage this newfound resource to bolster its position in the market. The Norwegian government has expressed its commitment to supporting the development of domestic battery manufacturing facilities and has initiated partnerships with leading international companies to harness the potential of this massive phosphate discovery.
According to the International Energy Agency, 30% of the world’s new electric vehicles use LFP type batteries, and practically all of this 30% is produced in China. In the years 2021-2028, the market for LFP batteries is anticipated to increase from US$10 billion (£7.8 billion) to US$50 billion (£39 billion). Given this situation, the discovery in Norway could be a huge benefit for European manufacturers as one of the essential battery materials may suddenly be nearby.
Norway intends to move the project forward quickly, with an anticipated opening date of 2028, if further exploration yields promising results. So perhaps within the next ten years, you’ll take your first ride in an electric vehicle that uses Norwegian phosphate for energy storage.