‘A huge opportunity’: Alberta oilfields could give rise to lithium industry fuelled by electric cars

The natural resources company, which was founded in 2016, has developed a patented ion-exchange extraction technology that produces purified lithium concentrate from the light metal that occurs naturally within the province’s oilfield brines. The company’s goal is to produce battery-grade lithium hydroxide that can be used in the manufacturing of lithium-ion batteries — the same type of batteries that power the electric cars made by Musk’s company, Tesla Inc.

While electric cars are still relatively rare in Alberta, they have already made major inroads in Europe, California and China — and the growth is only expected to accelerate as battery capabilities improve, EVs get cheaper and concerns over climate change increase. According to Bloomberg New Energy Finance, EV sales worldwide are expected to surpass sales of internal combustion engine vehicles by 2039. The demand for lithium is forecast to overtake supply as early as 2025.

An Alberta lithium industry could also provide employment for laid-off oil-and-gas workers. E3 — which has secured the lithium and other mineral rights to more than 1.3 million acres in the Leduc Reservoir region — hopes to ultimately construct a commercial extraction and processing facility within the province, something that Doornbos said could create 300 to 500 full-time jobs.

“Lithium is one of those plays that speaks to Alberta’s strengths. We’re already pumping a lot of lithium up, we’re just basically putting it back down the hole right now,” Switzer said. “But we shouldn’t kid ourselves, it’s a bit of a race to be first. It’s a bit like LNG — whoever gets there first is going to lock in a market. If you’re second or third, you may miss that opportunity.”

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