To exploit this opportunity, in 2021 the government of the Democratic Republic of Congo and the United nations Economic Commission for Africa came together with the African Export-Import Bank , the African Development Bank, Africa Finance Corporation and other entities to identify ways to channel investments to increase Africa's share of the value chain for lithium-ion batteries, electric vehicles and clean energy.
African Development Bank report titled 'Strengthening Africa's Role in the Battery and Electric Vehicle Value Chain'.was commissioned to look into the feasibility of setting up Special Economic Zones to manufacture battery precursors in DRC and Zambia. It confirmed the project was technically feasible and financially viable, with an estimated total cost of $2.7 billion.
Lithium-ion batteries dominate the EV market and represent about 49% of the global rechargeable battery market. Many of the minerals needed to produce them, including cobalt, lithium, manganese, nickel and graphite are available in the Democratic Republic of Congo, Zambia, South Africa, Madagascar, Mozambique, Tanzania or Gabon among others. The DRC alone is estimated to have several million tonnes of lithium reserves.
Lithium batteries also offer energy possibilities beyond electric vehicles. The equipment represents the best way to store electricity generated from wind, solar and hydropower sources, overcoming their"intermittency" problem.