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Time of India
08-05-2025
- Automotive
- Time of India
China's BYD, Tsingshan scrap plans for Chile lithium plants
Chinese automaker BYD and metals group Tsingshan are backing out of multi-million dollar plans to build lithium cathode plants in Chile, the country's economic development agency said on Wednesday. The retreat by the two huge Chinese companies is a blow to Chile's aim to develop more domestic processing of lithium, a key metal for electric vehicle batteries . Chile is the world's no. 2 lithium producer. Both projects were hit by plunging lithium prices, said government economic development agency Corfo , which in 2023 had tapped BYD and Tsingshan for a preferential lithium price deal as part of its efforts to spur investment in Chile. "The companies selected by Corfo have been affected in their investment decisions by the global market conditions, which have shown a sharp drop in prices," Corfo said in a statement. Tsingshan told Reuters it has withdrawn plans for a $233 million project to produce 120,000 metric tons of lithium iron phosphate (LFP). Chile's national assets ministry told Reuters that BYD filed an intent to withdraw its plans in January. BYD, the world's biggest maker of electric cars, declined to comment. BYD last year flagged delays to a planned $290 million plant, which was expected to produce 50,000 metric tons per year of LFP for cathodes. Chilean newspaper Diario Financiero first reported the scrapped investments. Chile's effort in 2018 to encourage lithium-related investments via a pricing deal also fell apart. Chilean chemical company Molymet, China's Sichuan Fulin Transportation Group Co , and a joint venture between Korean firms Posco and Samsung for various reasons withdrew their plans. Tsingshan and BYD would have had access to preferential prices of lithium produced by Chilean miner SQM through 2030, a timeframe that Corfo said also may have influenced the withdrawal of the projects. In addition, Corfo said Tsingshan had wanted to assign the project development to a unit of the company that had not participated in the bidding process, which Corfo said was not possible. Corfo last week opened a second bidding process for a similar scheme, this time to provide a purchasing deal with U.S. lithium producer Albemarle through 2043 for companies that commit to lithium-related projects. Albemarle and the selected investors will be able to use an "alternative form" to determine a price agreement, Corfo said.
TimesLIVE
08-05-2025
- Automotive
- TimesLIVE
BYD and Tsingshan scrap plans for Chile lithium plants
Chinese carmaker BYD and metals group Tsingshan are backing out of multimillion-dollar plans to build lithium cathode plants in Chile, the country's economic development agency said on Wednesday. The retreat by the two huge Chinese companies is a blow to Chile's aim to develop more domestic processing of lithium, a key metal for electric vehicle batteries. Chile is the world's No. 2 lithium producer. Both projects were hit by plunging lithium prices, said government economic development agency Corfo, which in 2023 had tapped BYD and Tsingshan for a preferential lithium price deal as part of its efforts to spur investment in Chile. 'The companies selected by Corfo have been affected in their investment decisions by the global market conditions, which have shown a sharp drop in prices,' Corfo said. Tsingshan told Reuters it has withdrawn plans for a $233m (R4.25bn) project to produce 120,000 metric tons of lithium iron phosphate (LFP). Chile's national assets ministry told Reuters that BYD filed an intent to withdraw its plans in January. BYD, the world's biggest maker of electric cars, declined to comment. BYD last year flagged delays to a planned $290m (R5.3bn) plant, which was expected to produce 50,000 tonnes per year of LFP for cathodes. Chilean newspaper Diario Financiero first reported the scrapped investments. Chile's effort in 2018 to encourage lithium-related investments via a pricing deal also fell apart. Chilean chemical company Molymet, China's Sichuan Fulin Transportation Group, and a joint venture between Korean firms Posco and Samsung for various reasons withdrew their plans. Tsingshan and BYD would have had access to preferential prices of lithium produced by Chilean miner SQM through 2030, a time frame that Corfo said also may have influenced the withdrawal of the projects. In addition, Corfo said Tsingshan had wanted to assign the project development to a unit of the company that had not participated in the bidding process, which Corfo said was not possible. Corfo last week opened a second bidding process for a similar scheme, this time to provide a purchasing deal with US lithium producer Albemarle through 2043 for companies that commit to lithium-related projects. Albemarle and the selected investors will be able to use an 'alternative form' to determine a price agreement, Corfo said.
Free Malaysia Today
08-05-2025
- Automotive
- Free Malaysia Today
China's BYD, Tsingshan scrap plans for Chile lithium plants
BYD is the world's biggest maker of electric cars, which rely on lithium for their batteries. (Reuters pic) SANTIAGO : Chinese automaker BYD and metals group Tsingshan are backing out of multi-million dollar plans to build lithium cathode plants in Chile, the country's economic development agency said yesterday. The retreat by the two huge Chinese companies is a blow to Chile's aim to develop more domestic processing of lithium, a key metal for electric vehicle batteries. Chile is the world's No 2 lithium producer. Both projects were hit by plunging lithium prices, said government economic development agency Corfo, which in 2023 had tapped BYD and Tsingshan for a preferential lithium price deal as part of its efforts to spur investment in Chile. 'The companies selected by Corfo have been affected in their investment decisions by the global market conditions, which have shown a sharp drop in prices,' Corfo said in a statement. Tsingshan told Reuters it has withdrawn plans for a US$233 million project to produce 120,000 tonnes of lithium iron phosphate (LFP). Chile's national assets ministry told Reuters that BYD filed an intent to withdraw its plans in January. BYD, the world's biggest maker of electric cars, declined to comment. BYD last year flagged delays to a planned US$290 million plant, which was expected to produce 50,000 tonnes per year of LFP for cathodes. Chilean newspaper Diario Financiero first reported the scrapped investments. Chile's effort in 2018 to encourage lithium-related investments via a pricing deal also fell apart. Chilean chemical company Molymet, China's Sichuan Fulin Transportation Group Co, and a joint venture between Korean firms Posco and Samsung for various reasons withdrew their plans. Tsingshan and BYD would have had access to preferential prices of lithium produced by Chilean miner SQM through 2030, a timeframe that Corfo said also may have influenced the withdrawal of the projects. In addition, Corfo said Tsingshan had wanted to assign the project development to a unit of the company that had not participated in the bidding process, which Corfo said was not possible. Corfo last week opened a second bidding process for a similar scheme, this time to provide a purchasing deal with US lithium producer Albemarle through 2043 for companies that commit to lithium-related projects. Albemarle and the selected investors will be able to use an 'alternative form' to determine a price agreement, Corfo said.
Business Recorder
08-05-2025
- Automotive
- Business Recorder
China's BYD, Tsingshan scrap plans for Chile lithium plants
SANTIAGO: Chinese automaker BYD and metals group Tsingshan are backing out of multi-million dollar plans to build lithium cathode plants in Chile, the country's economic development agency said on Wednesday. The retreat by the two huge Chinese companies is a blow to Chile's aim to develop more domestic processing of lithium, a key metal for electric vehicle batteries. Chile is the world's no. 2 lithium producer. Both projects were hit by plunging lithium prices, said government economic development agency Corfo, which in 2023 had tapped BYD and Tsingshan for a preferential lithium price deal as part of its efforts to spur investment in Chile. 'The companies selected by Corfo have been affected in their investment decisions by the global market conditions, which have shown a sharp drop in prices,' Corfo said in a statement. Tsingshan told Reuters it has withdrawn plans for a $233 million project to produce 120,000 metric tons of lithium iron phosphate (LFP). Chile's national assets ministry told Reuters that BYD filed an intent to withdraw its plans in January. BYD, the world's biggest maker of electric cars, declined to comment. BYD last year flagged delays to a planned $290 million plant, which was expected to produce 50,000 metric tons per year of LFP for cathodes. Chilean newspaper Diario Financiero first reported the scrapped investments. Chile's effort in 2018 to encourage lithium-related investments via a pricing deal also fell apart. Chilean chemical company Molymet, China's Sichuan Fulin Transportation Group Co, and a joint venture between Korean firms Posco and Samsung for various reasons withdrew their plans. Tsingshan and BYD would have had access to preferential prices of lithium produced by Chilean miner SQM through 2030, a timeframe that Corfo said also may have influenced the withdrawal of the projects. BYD breaks ground on Cambodian car factory, Chinese embassy says In addition, Corfo said Tsingshan had wanted to assign the project development to a unit of the company that had not participated in the bidding process, which Corfo said was not possible. Corfo last week opened a second bidding process for a similar scheme, this time to provide a purchasing deal with U.S. lithium producer Albemarle through 2043 for companies that commit to lithium-related projects. Albemarle and the selected investors will be able to use an 'alternative form' to determine a price agreement, Corfo said.
Associated Press
21-03-2025
- Business
- Associated Press
Hygreen Energy-Led Consortium Selected for New Electrolyzer Factory in Chile
The Electrolyzer Plant Proposal Scored #1 in the Corfo's Competitive Evaluation Process BEIJING, CHINA AND SANTIAGO, CHILE / ACCESS Newswire / March 21, 2025 / Hygreen Energy, a global electrolyzer manufacturer and hydrogen technology developer, is pleased to announce that it has been selected by Corfo, Chile's economic development agency, to be awarded financing to establish a state-of-the-art electrolyzer production facility in the country. The project was selected as one of only three proposals in a highly competitive bidding process, earning by far the highest score among all submissions. This milestone further underscores Hygreen Energy's leadership in the global clean energy sector, and is another step towards the company's strategy to grow its manufacturing footprint worldwide. The electrolyzer production facility, designed to support Chile and the broader Latin America's growing green hydrogen industry, will be integral to the country's efforts to become a leading market of sustainable energy solutions. The financing program from Corfo will expeditiously advance the development of this new facility. 'We are incredibly proud to have been selected by Corfo and to lead this transformative project,' said Benny Wang, CEO of Hygreen Energy. 'Our facility in Chile will not only drive the local economy but also support the global transition to hydrogen adoption and cleaner energy. This project reflects our long-term commitment to support our customers in every part of the world.' Chile, with its abundant solar and wind resources, is uniquely positioned to produce green hydrogen efficiently. The country's renewable energy potential makes it an ideal location for the production of electrolyzers that will help harness and store clean energy, supporting the global transition to a sustainable future. Hygreen Energy's electrolyzers are essential to the production of green hydrogen, a clean fuel with the potential to revolutionize industries from transportation to power generation. The new facility will be capable of manufacturing cutting-edge electrolyzers to meet the increasing demand for green hydrogen technology, playing a critical role in Chile's vision to become a global leader in renewable energy. Named as Hygreen BioBío H2V, the project is put forth by a consortium of companies led by Hygreen Energy, designed to combine Hygreen's expertise of electrolyzer manufacturing with the market expertise of local companies in Chile. The project is set to create hundreds of jobs and provide a boost to the local economy through both the construction and ongoing operations of the plant. Construction and implementation of the factory will be executed in multiple phases over 5 years, with operations expected to begin in 2026. About Hygreen Energy Hygreen Energy is a world leading electrolyzer manufacturer that offers comprehensive solutions to green hydrogen production. Specializing in Alkaline, PEM, and AEM technologies, Hygreen electrolyzers are rigorously tested, robustly built, and extensively proven with in-field usage by customers worldwide. Backed by over 17 years of experience and over 300 electrolyzer projects delivered, Hygreen Energy's engineers are some of the world's most experienced professionals when supporting EPCs and hydrogen project developers. By transforming the electrolyzer industry with unparalleled efficiency, safety, cost, and durability, Hygreen Energy is enabling the world's clean energy transition by supporting the growth of green hydrogen across many industries. Say hello to a greener future with Hygreen Energy, and visit us at .
