Important For EV Performance
Queensland Pacific Metals will produce Nickel Sulfate at the Townsville Energy Chemicals Hub (TECH) facility. Nickel Sulfate is a chemical form of nickel and highly valued by the electric vehicle (EV) sector as a critically important component in manufacturing cathode components of batteries.
The emergence of lithium-ion batteries and their use in EVs, combined with the world-wide push to reduce fossil fuel emissions, has revolutionised the nickel sector. Industry experts predict that to meet targeted government adoption of electric vehicles global nickel demand will need to more than double current levels.
Current global nickel consumption is ~2.3Mt pa with the majority being consumed for stainless steel. A significant proportion of this nickel production is not suitable for use in batteries. This strengthens Queensland Pacific Metals position as a producer of nickel-sulfate to the lithium-ion battery sector
The major advantage of using nickel in batteries is that it delivers higher energy density and greater storage capacity at a lower cost. Greater storage capacity increases times between charges, which is important to EV long-range performance. Nickel also keeps batteries stable and safe during charging and use.
Nickel sulfate typically sells at a premium to the underlying nickel spot price. Queensland Pacific Metals intends to ensure nickel sulfate produced at the TECH facility meets specific customer specifications, eliminating the need for further refining by the customer, which will ensure a premium and sought-after product.
Nickel sulfate produced at the TECH processing facility is ideal for use in the two most used lithium-ion batteries, nickel-cobalt-aluminium and nickel-cobalt-manganese.