Connect with us
MARE BALTICUM Gaming & TECH Summit 2024

Artificial Intelligence

Generative AI in Education Market Projected to Grow at 39.5% CAGR, Crossing USD 5,523 Million by 2032

Published

on

New York, June 05, 2023 (GLOBE NEWSWIRE) — According to MarketResearch.Biz, the Generative AI in Education Market size is projected to surpass around USD 5,523 Million by 2032, and it is poised to reach a CAGR of 39.5% from 2023 to 2032.

Generative AI is a broad term that encompasses many applications and techniques aimed at enhancing the learning process of students and providing educators with innovative tools. By analyzing large amounts of data, generative AI can understand students’ needs, preferences, and learning patterns. This allows for personalized learning paths. It can adapt the content in real-time to suit individual learning styles, promoting engagement and mastery.

Generative AI in Education Market

Request a Generative AI in Education Market Report to find out more about the major revenue-generating segments @ https://marketresearch.biz/report/generative-ai-in-education-market/request-sample/

Key Takeaway:

  • By Type, the student segment generated the largest revenue share of 48% in 2022.
  • By Application, the adaptive Learning segment has dominated the market in 2022.
  • By technology, the natural learning processing segment was dominant in the market, with the largest market revenue share of
    40% in 2022.
  • By Deployment, the on-premises segment dominates the generative AI in Education Market.
  • In 2022, North America dominated the market with the highest revenue share of 38%.
  • The Asia Pacific region is expected to grow at a significant CAGR from 2023 to 2032.

Factors affecting the growth of Generative AI in Education Market

There are several factors that can affect the growth of Generative AI in Education market. Some of these factors include:

  • Technological Advancements: Artificial intelligence, machine learning, and natural-language processing techniques are all playing a key role in the growth in the market for generative AI. Breakthroughs in algorithmic power, data availability, and computational capability enable the development more sophisticated generative model, which can improve personalized learning, intelligent tutoring, and content creation.
  • Investment and Funding: A significant factor is the availability of funding and investment for the research, development, and implementation of generative AI in education. Investments from educational institutions and venture capitalists can help drive market growth, as they enable the development of new products.
  • Data Availability and Quality: It is crucial to have access to high-quality data when training AI models. Access to representative and diverse datasets in education can be critical for developing accurate and reliable solutions based on generative AI. The market’s growth can be attributed to institutions and organizations that can collect, curate and share relevant data.
  • Ethical and Privacy Considerations: In order to implement generative AI in education, it is necessary to handle sensitive student data, make ethical decisions about data privacy and bias, and ensure algorithmic transparency. It is crucial to be able to handle these issues responsibly in order for adoption and trust to grow. The growth and adoption of generative AI in education can be influenced by regulatory frameworks and ethics guidelines that promote responsible usage.

Get a brochure to learn how the Generative AI in Education industry report can make a difference in your business strategy.@ https://marketresearch.biz/report/generative-ai-in-education-market/#inquiry

Top Trends in Global Generative AI in Education Market

  • Explainable AI and Transparency: Explainable AI and transparency are becoming more important as the adoption of generative AI grows in education. Researchers and developers work to improve the interpretability and transparency of AI models.
  • Content Generation and Customization: The use of Generative AI to automate and customize educational content. AI algorithms are able to generate interactive exercises and quizzes that can be tailored for specific topics, grades, or student needs. This trend allows content to be created more efficiently and makes it easier for learners to find personalized resources.

Market Growth

edtech firms and educational institutions have increased their investment in the market for generative AI. The growth of the edtech market, which is a part of education technology, has also contributed to generative AI’s expansion in education. The AI market in education is still developing, and factors like technological advancements and regulatory considerations can influence its growth trajectory.

Regional Analysis

North America Dominate the generative AI in education market in 2022. North America and the United States have been leading the way in AI research, development, and application, especially for education. In this region, generative AI has been used in several areas, including personalized learning, intelligent tutoring, and automated essay scoring. Education institutions and edtech firms are exploring the potential for generative AI to improve teaching and learning.

Competitive Landscape

Google, Microsoft, and Adobe are among the established technology companies that have actively participated in the market for generative AI. As the market increase and innovations are introduced, it is expected that the competitive landscape for generative AI will continue to evolve. Landscapes are shaped by new entrants and partnerships. The competitive dynamics vary depending on the region.

Have Queries? Speak to an expert, or To Download/Request a Sample, Click here.

Scope of the Report

Report Attribute Details
Market Value (2022) US$ 214.9 Mn
Market Size (2032) US$ 5,523.074 Mn
CAGR (from 2023 to 2032) 39.50%
North America Revenue Share 38.00%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Intelligent Tutoring Systems: Generative AI can power intelligent tutoring systems, offering real-time feedback, adaptive learning paths, and personalized recommendations. These systems mimic human-like interactions, providing students with individualized guidance and support throughout their learning journey.

Content Creation and Curriculum Development: Generative AI automates curriculum and content creation, making it easier for students and educators to create engaging learning materials. It can create interactive activities, lesson plans, assessments, and educational resources that are tailored for specific topics or grades.

Market Restraints

Lack of Proper Training and Expertise: You will need to have specialized knowledge and expertise in order to successfully integrate generative AI technology into education. Teachers and educators may need professional development and training to effectively use AI technology and tools in the classroom. Lack of support and training may prevent the adoption of generative AI.

Cost and Resource Constraints: Implementing generative AI systems can be costly, particularly in smaller educational institutions. The infrastructure, computing resources, and technical assistance required to run AI systems are expensive. Costs to integrate AI into educational frameworks, and to maintain them, can be high.

Market Opportunities

Data Analysis and Insights: The AI-generated by the generative AI system can analyze large amounts of data in education, such as student performance, engagement metrics, and behavior. This allows educators to gain insight into learning patterns, identify improvement areas, and make data-informed instructional decisions. It allows for evidence-based teaching and learning.

Continuous Improvement and Adaptation: The use of generative AI in education allows for continual improvement and adaptation. By analyzing student performance, feedback, and learning outcomes, generative AI can improve their recommendations, personalized learning paths, and content generation.

Grow your profit margin with Marketresearch.biz- Purchase This Premium Report @ https://marketresearch.biz/purchase-report/?report_id=36858

Report Segmentation

Type Insight

For customized training, Generative AI can analyze individual student data, including patterns of learning and preferences strengths, and weaknesses. Special needs students could benefit from the benefits of generative AI like students with cognitive impairments sensory disorders, and learning difficulties. In the realm of education, the use of generative AI can provide personalized learning experiences and specific support and intervention. Generative AI can enhance the performance of students’ learning and their involvement with the educational system by knowing the distinct features and needs of every student.

Application Insight

An adaptive AI system allows for the adjustment of the contents of an instructional program in response to student performance and progress. AI algorithms analyze the data of students’ learning and pinpoint the areas that are difficult. They create specific interventions to solve these issues. This program permits adaptive learning paths and ensures that students receive individual instruction and guidance based on the individual requirement of each student.

Technology Insight

NLP is the technology that allows computers to process and understand human language. NLP is a key component of generative AI. It helps analyze and generate text that looks like it was written by a human. NLP algorithms can be used to interpret and process natural language inputs provided by students, and then generate responses that are coherent and context-relevant. This technology is vital for applications such as automated essay grading exercises, language practice, and interactive storytelling.

Deployment Mode Insight

The institution that is used by the educational institution installs and manages a generative AI system and infrastructure. The institution’s educational institutions are completely in charge of the hardware and software data used to build the generative AI applications. On-premises deployment offers more safety, protection, and custom options, in addition to regular maintenance and system updates. It is essential that the institution is equipped with the infrastructure and skills to manage an AI system that is generative. Cloud-based deployment refers to the hosting of generative AI programs and applications using a cloud-based computing platform. Cloud service providers provide Infrastructure as a Service, Platform as a Service, and Software as a Service models for educational institutions.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report @ https://marketresearch.biz/report/generative-ai-in-education-market/request-sample/

Market Segmentation

Based on Type

  • Students
  • Teachers
  • Administrators
  • Educational Institutions
  • Other Types

Based on Application

  • Adaptive Learning
  • Content Generation
  • Automated Grading
  • Personalized Tutoring
  • Virtual Simulations
  • Intelligent Learning System
  • Other Applications

Based on Technology

  • Natural Language Processing
  • Machine Learning
  • Computer Vision
  • Other Technologies

Based on Deployment Mode

  • On-Premise
  • Cloud-Based

Key Regions

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Key Players

  • IBM Corporation
  • Microsoft Corporation
  • Google LLC
  • Cognii Inc.
  • Knewton
  • Blackboard
  • Metacog Inc.
  • Duolingo
  • Other Market Players

Recent Development

  • In 2021, OpenAI has long been at the forefront of generative AI development, pioneering ChatGPT as an example. They released GPT-3 an advanced language model used for education purposes; OpenAI continues to refine and expand upon its models’ capabilities.
  • In 2022, Coursera is a premier online learning platform that has integrated generative AI into their platform to enhance student experiences and support more targeted guidance and assistance for programming assignments. In 2022 alone, Coursera implemented AI-generated personalized feedback which provided them with greater guidance and assistance during programming assignments.
  • In 2022, Duolingo is an increasingly popular language learning platform that has recently integrated generative AI into their system. They introduced chatbots that engage learners directly for interactive language practice and feedback.
  • In 2022, IBM’s cognitive computing system, Watson, has made strides forward with regards to generative AI for education. They released Watson Tutor in 2022 – an AI-powered virtual tutor which offers tailored lessons based on individual student needs for personalized learning experiences and assistance.

Related Reports

  • Generative AI in the Financial Services Market size is expected to be worth around USD 9,475.2 Mn by 2032 from USD 847.2 Mn in 2022, growing at a CAGR of 28.1% during the forecast period from 2023 to 2032.
  • Generative AI in Sports Market size is expected to be worth around USD 2,311.0 Mn by 2032 from USD 170.5 Mn in 2022, growing at a CAGR of 30.6%
  • Generative AI in Higher Education Market size is expected to be worth around USD 313.4 Mn by 2032 from USD 137.7 Mn in 2022, growing at a CAGR of 8.8% during the forecast period from 2023 to 2032.
  • Generative AI in Pharma market size is expected to be worth around USD 2258.1 Mn by 2032 from USD 159.9 Mn in 2022, growing at a CAGR of 31.2% during the forecast period from 2023 to 2032.

About Us:
MarketResearch.biz (Powered by Prudour Pvt. Ltd.) delivers customized research solutions by actuating its broad spectrum of research methodologies, databases, and resources, and this is further strengthened by our global experience in syndicated and customized industry projects. Our tailor-made research services include quick market scans, country reports, in-depth market analysis, competition monitoring, consumer research and satisfaction studies, supplier research, growth planning, and quite a lot more.


GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Aareon invests up to €100m in AI-powered proptech Stonal

Published

on

aareon-invests-up-to-e100m-in-ai-powered-proptech-stonal

PARIS, May 6, 2024 /PRNewswire/ — Stonal, the leading data management platform for real estate owners and investors in Europe, has announced a strategic investment by Aareon, Europe’s trusted provider of SaaS solutions for the property industry, to accelerate its European expansion.

Founded in 2017 by Michel Tolila, the current executive chairman, and Jean-Maurice Oudot, Stonal’s mission is to deliver data quality at scale for asset owners and investors. Its collaborative AI-powered platform extracts information from documents and blueprints, creating an accurate and up-to-date database on buildings open to stakeholders such as property managers, surveyors, and insurers. Its decision-making modules offer ESG reporting and CapEx planning to increase returns, improve productivity and preserve value.
Since its inception, the company has quickly expanded into residential and commercial real estate. In early 2024, Stonal launched its proprietary StonalGPT, the first generative artificial intelligence solution designed for real estate owners and investors, establishing itself as one of the pioneers in this field.
Robin Rivaton, CEO of Stonal: “The real estate industry, both residential and commercial, is at a crossroads. AI is a massive opportunity to reshape the sector in a remarkable way, but it still requires a significant amount of data on which to train these systems. Thanks to the strategic partnership with Aareon we will reach such a scale and accelerate our European expansion.”
Aareon is the trusted provider of SaaS solutions for the European property industry. With locations across France, Germany, the Netherlands, Spain, Sweden, and the United Kingdom, Aareon serves 13,000 customers totalling 18 million units.
Harry Thomsen, CEO of Aareon: “Investing in Stonal is a strategic step to strengthen our “Aareon Sustain” product portfolio and amplify our proficiency in AI technology across the Aareon Group. With an expected uptick in the need for robust data management solutions, this collaboration not only reinforces the existing partnership between Stonal and Aareon in France but also equips us to meet our customers’ needs and deliver unrivalled innovation and operational excellence.”
Aareon’s investment in Stonal reflects the growing appetite of the real estate sector for technological solutions that enable it to address the major challenges it faces, applying to both larger companies and smaller ones. Expanding ESG expectations, increased CapEx for greener properties, stringent building safety regulations, higher vacancy due to remote work for offices, all converge in the context of high interest rates. The capacity to evaluate risks and make well-informed decisions promptly is now more crucial than ever.
Stonal was advised on this deal by Lazard, Aareon by Vulcain.
About StonalFounded in 2017, Stonal is the leading data management platform for real estate owners and investors in Europe. It helps more than 130 clients, REITs, insurers, housing organisations, asset managers, family offices, to manage a combined portfolio of more than 200 million sqm (including 1.6 million housing units) across all Europe. With 150 employees, Stonal is present in France and the UK.
Contact: Perrine ABRARD, Stonal CMO [email protected]
About AareonAareon is Europe’s trusted provider of SaaS solutions for the property industry, leading the charge towards a digital future. Passionately committed to connecting people, process, and property, Aareon brings the ecosystem closer together. Our Property Management System, powered by smart software solutions, promotes efficient property management and maintenance, enabling superior digital experiences for everyone involved. In our continuous pursuit of innovation, Aareon remains the industry’s reliable partner, inspiring positive change for sustainable spaces for all.
With a dedicated team of around 2,000 professionals, Aareon achieved pro forma revenues of €410 million and a pro forma Adjusted EBITDA of €137 million in 2023.
Logo: https://mma.prnewswire.com/media/2404363/Stonal_Logo.jpg

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/aareon-invests-up-to-100m-in-ai-powered-proptech-stonal-302135639.html

Continue Reading

Artificial Intelligence

PolyU researchers create 2D all-organic perovskites and demonstrate potential use in 2D electronics

Published

on

polyu-researchers-create-2d-all-organic-perovskites-and-demonstrate-potential-use-in-2d-electronics

HONG KONG, May 6, 2024 /PRNewswire/ — Perovskites are among the most researched topics in materials science. Recently, a research team led by Prof. LOH Kian Ping, Chair Professor of Materials Physics and Chemistry and Global STEM Professor of the Department of Applied Physics of The Hong Kong Polytechnic University (PolyU), Dr Kathy LENG, Assistant Professor of the same department, together with Dr Hwa Seob CHOI, Postdoctoral Research Fellow and the first author of the research paper, has solved an age-old challenge to synthesise all-organic two-dimensional perovskites, extending the field into the exciting realm of 2D materials. This breakthrough opens up a new field of 2D all-organic perovskites, which holds promise for both fundamental science and potential applications. This research titled “Molecularly thin, two-dimensional all-organic perovskites” was recently published in the prestigious journal Science.

Perovskites are named after their structural resemblance to the mineral calcium titanate perovskite, and are well known for their fascinating properties that can be applied in wide-ranging fields such as solar cells, lighting and catalysis. With a fundamental chemical formula of ABX3, perovskites possess the ability to be finely tuned by adjusting the A and B cations as well as the X anion, paving the way for the development of high-performance materials.
While perovskite was first discovered as an inorganic compound, Prof. Loh’s team has focused their attention on the emerging class of all-organic perovskites. In this new family, A, B, and X constituents are organic molecules rather than individual atoms like metals or oxygen. The design principles for creating three-dimensional (3D) perovskites using organic components have only recently been established. Significantly, all-organic perovskites offer distinct advantages over their all-inorganic counterparts, as they are solution-processible and flexible, enabling cost-effective fabrication. Moreover, by manipulating the chemical composition of the crystal, valuable electromagnetic properties such as dielectric properties, which finds applications in electronics and capacitors, can be precisely engineered.
Traditionally, researchers face challenges in the synthesis of all-organic 3D perovskites due to the restricted selection of organic molecules that can fit with the crystal structure. Recognising this limitation, Prof. Loh and his team proposed an innovative approach: synthesising all-organic perovskites in the form of 2D layers instead of 3D crystals. This strategy aimed to overcome the constraints imposed by bulky molecules and facilitate the incorporation of a broader range of organic ions. The anticipated outcome was the emergence of novel and extraordinary properties in these materials.
Validating their prediction, the team developed a new general class of layered organic perovskites. Following the convention for naming perovskites, they called it the “Choi-Loh-v phase” (CL-v) after Dr Choi and Prof. Loh. These perovskites comprise molecularly thin layers held together by forces that hold graphite layers together, the so-called van der Waals forces – hence the “v” in CL-v. Compared with the previously studied hybrid 2D perovskites, the CL-v phase is stabilised by the addition of another B cation into the unit cell and has the general formula A2B2X4.
Using solution-phase chemistry, the research team prepared a CL-v material known as CMD-N-P2, in which the A, B and X sites are occupied by CMD (a chlorinated cyclic organic molecule), ammonium and PF6− ions, respectively. The expected crystal structure was confirmed by high-resolution electron microscopy carried out at cryogenic temperature. These molecularly thin 2D organic perovskites are fundamentally different from traditional 3D minerals, they are single crystalline in two dimensions and can be exfoliated as hexagonal flakes just a few nanometres thick – 20,000 times thinner than a human hair.
The solution-processibility of 2D organic perovskites presents exciting opportunities for their application in 2D electronics. The Poly U team conducted measurements on the dielectric constants of the CL-v phase, yielding values ranging from 4.8 to 5.5. These values surpass those of commonly used materials such as silicon dioxide and hexagonal boron nitride. This discovery establishes a promising avenue for incorporating CL-v phase as a dielectric layer in 2D electronic devices, as these devices often necessitate 2D dielectric layers with high dielectric constants, which are typically scarce. Team member Dr Leng successfully addressed the challenge of integrating 2D organic perovskites with 2D electronics. In their approach, the CL-v phase was employed as the top gate dielectric layer, while the channel material consisted of atomically thin Molybdenum Sulfide. By utilising the CL-v phase, the transistor achieved superior control over the current flow between the source and drain terminals, surpassing the capabilities of conventional silicon oxide dielectric layers.
Prof. Loh’s research not only establishes an entirely new class of all-organic perovskites but also demonstrates how they can be solution-processed in conjunction with advanced fabrication technique to enhance the performance of 2D electronic devices. These developments open up new possibilities for the creation of more efficient and versatile electronic systems.
Media Contact
Ms Annie WongSenior Manager, Public AffairsTel: +852 3400 3853Email: [email protected] 

View original content:https://www.prnewswire.co.uk/news-releases/polyu-researchers-create-2d-all-organic-perovskites-and-demonstrate-potential-use-in-2d-electronics-302136395.html

Continue Reading

Artificial Intelligence

Lithium Miners Strategize for Long-Term Gains as Market Recovers

Published

on

lithium-miners-strategize-for-long-term-gains-as-market-recovers

USA News Group Commentary
Issued on behalf of Lithium South Development Corporation
VANCOUVER, BC, May 3, 2024 /PRNewswire/ — USA News Group – Despite what appears to be a supply glut currently in the global lithium market, already there are signs of a lithium rebound on the horizon. According to Statista, global lithium demand is projected to grow through next year, while Fastmarkets predicts lithium supply will increase 30% in 2024. Fastmarkets also expects that by 2030, US lithium demand alone will grow by nearly 500%. Looking ahead, lithium miners continue to move their chess pieces onto the board with anticipation of long-term rewards, including the work of Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF), Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), Piedmont Lithium Inc. (NASDAQ:PLL), Lithium Americas Corp. (NYSE:LAC) (TSX:LAC), and Rio Tinto Group (NYSE:RIO).

Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF) recently filed a new Preliminary Economic Assessment (PEA), which provides support for the company to proceed with development plans for a 15,600 tonnes per year lithium carbonate plant. As per the PEA, the project’s financial model shows a Net Present Value (NPV) after tax of US$938 million, and an after-tax Internal Rate of Return (IRR) of 31.6%, with a 2.5-year payback.
“We are very pleased to have achieved this important milestone for the HMN Li Project,” said Adrian F.C. Hobkirk, Founder, President and CEO of Lithium South. “The robust economics and room for expansion indicate a promising future for Lithium South.”
The HMN Li project is planned to use an extraction and recovery process based on conventional solar evaporation of the well brine. Magnesium and other contaminants will be removed using industry standard proven methods including  liming. The concentrated lithium solution will then be processed into lithium carbonate technical grade.
The PEA announcement came just weeks after the company announced the expansion of its ongoing production well drill program. A 400 meter deep pumping well has been completed at the  Alba Sabrina claim block, which at 2,089 hectares is the project’s largest. Recent efforts at the well successfully cleared out sediments, leading to the flow of clear brine with strong artesian characteristics, suggesting potential for enhanced brine extraction rates. To maximize these benefits, Lithium South has contracted a significantly larger 80-kilowatt pump, and is now completing a long term pump test. Based on results, further wells are planned for Alba Sabrina and the southern claim blocks at Viamonte and Norma Edith.
“These developments on the Alba Sabrina claim block could potentially enhance our operational capacity,” said Hobkirk. “The completion of this pumping test, anticipated by the end of May, will provide critical technical insight into the capacity potential of this area of the salar.”
Earlier in the year, Lithium South together with the Korean conglomerate POSCO, entered into a cooperative development agreement on the HMN Li Project, representing a crucial step forward in advancing towards lithium production. Previously, towards the end of 2023, Lithium South also released an updated NI 43-101 technical report for its premier HMN Li asset, which demonstrated a significant 175% boost in its lithium resource, amounting to over 1.58 million tonnes of lithium carbonate equivalent (LCE).
According to Chile’s Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), there will be steady lithium prices in the coming months, despite the supply glut. In particular, SQM is optimistic for the second half of the year, which the company predicts will entail higher sales volumes.
“As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials,” said Ricardo Ramos, CEO of SQM. “However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance.”
This optimism was shared by Keith Phillips, CEO of Piedmont Lithium Inc. (NASDAQ:PLL) in an interview with Yahoo! Finance Live.
“[When it comes to mining] low prices are the cure for low prices,” said Phillips, adding that “it’s a matter of time” that prices will rebound. How fast that rebound occurs is still to be determined, however, Piedmont isn’t slowing its march.
Just recently, Piedmont received its state mining permit from the state of North Carolina, where the company owns 3,600 acres, from which it plans to mine spodumene from at least half of the area. Piedmont will then convert the material to lithium hydroxide, which is key to the manufacturing of EV batteries.
“We look forward to continued engagement with the local community and the Gaston County Board of Commissioners,” said Phillips. “We have had extensive and ongoing dialogue with possible funding sources for Carolina Lithium.”
Domestically sourced lithium is projected to become even more desirable, especially with US government incentives underway. Lithium Americas Corp. (NYSE:LAC) (TSX:LAC) recently secured a record $2.26 billion loan from the US Department of Energy to build its Thacker Pass lithium project in Nevada.
Construction began at the site located just south of the Nevada-Oregon border in March 2023, following a lengthy and intricate legal victory over conservationists, ranchers, and Indigenous groups. Lithium Americas anticipates finalizing securing a loan later this year, pending the completion of final environmental assessments. Once the financing is in place, the company aims to commence substantial construction activities, a project slated to last three years. The initial phase of the mine is projected to yield 40,000 metric tons of battery-grade lithium carbonate annually, sufficient to supply up to 800,000 electric vehicles.
“Our team has been focused on refining the development plan and de-risking construction execution of Phase 1 for Thacker Pass,” said Jonathan Evans, President and CEO of Lithium Americas. “We have de-risked execution by advancing detailed engineering and project planning. To date, we have completed all the early-works and infrastructure required for major construction, including excavating the processing plant areas.”
Looking at multiple international lithium projects, mining giant Rio Tinto Group (NYSE:RIO) has already expressed the company remains bullish on lithium despite not currently seeking any big acquisitions. Back in March, Rio Tinto committed to spending $350 million on its Rincon lithium project in Argentina, set to commence production by the end of the year.
This comes just months after the President of Serbia expressed interest to hold further talks with Rio Tinto regarding its Jadar lithium project, after the country revoked licenses on the $2.4 billion asset in 2022. If brought to completion, the project could supply 90% of Europe’s current lithium needs, and make Rio Tinto a leading lithium producer. As well, Rio Tinto held talks with the country of Rwanda back in January for the exploration and mining of lithium in the East African nation.
“[Rio Tinto is] “excited to be partnering with the government of Rwanda, applying our global experience to accelerate the search for primary lithium deposits in Rwanda’s Western Province,” said Lawrence Dechambenoit, global head of external affairs at Rio Tinto. The move could further unlock the potential of another country’s mining sector, if successful.
Source: https://usanewsgroup.com/2023/10/18/the-lithium-race-to-power/ 
CONTACT:USA NEWS [email protected] (604) 265-2873
Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101 participated in the production of this advertisement, and approves of the technical and scientific disclosure contained herein pertaining to Lithium South.
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Lithium South Development Corporation advertising and digital media from the company directly. There may be 3rd parties who may have shares of Lithium South Development Corporation, and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Lithium South Development Corporation which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Lithium South Development Corporation at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. The contents of this advertisement were reviewed by Mr. William Feyerabend, a Consulting Geologist and Qualified Person as defined under National Instrument 43-101. Mr. Feyerabend approves of the scientific and technical disclosure pertaining to Lithium South contained within this advertisement. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
 
 

View original content:https://www.prnewswire.co.uk/news-releases/lithium-miners-strategize-for-long-term-gains-as-market-recovers-302135776.html

Continue Reading

Trending