We’ll need to a 20x increase in lithium mining for batteries

Breakneck demand for batteries in everything from EVs to grid-scale storage will require a huge increase in lithium mining by 2050.Why it matters: Mines take a long time to bring online, especially in the U.S. Driving the news: “The world will need more than twenty times the amount of lithium than was mined last year to meet demand by mid-century,” Benchmark Mineral Intelligence reported in a note last week.Energy storage to support intermittent renewable assets like wind and solar will drive two-thirds of the demand.The other big driver: electric vehicles.Context: Opening a new mine in the U.S. can take more than a decade, in part due to permitting challenges.Yes, but: Elon Musk may have declared this summer that supplying lithium is a “license to print money” — but that’s far from clear.A range of startups are racing ahead with new technologies aimed at reducing or wholly…

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