Avalon Advanced Materials Inc (C:AVL) In the News

The Financial Post reports in its Saturday edition that South Korean battery maker LG Energy Solution announced three agreements in a span of 24 hours with Canadian miners to source materials required to make batteries for electric vehicles (EVs) as it looks to boost its focus on North America. The Post's Naimul Karim writes that after announcing its three-year cobalt deal with Electra Battery Materials on Thursday morning, the Tesla supplier announced agreements to source lithium from Avalon Advanced Materials and Snow Lake Resources, which is developing a lithium project in Manitoba. The miners expect more global battery makers to execute deals with Canadian companies due to the Inflation Reduction Act that United States President Joe Biden signed last month. The act states that EVs containing batteries assembled in North America and made up of critical minerals sourced from the region could receive $7,000's (U.S.) worth of tax credits, which could offset some of China's advantages in the field. Avalon chief executive officer Donald Bubar says, "Basically, the door is now open for us to start working with some of the EV manufacturers that want to be able to get sure access to the battery material products."