Lithium Universe (ASX: LU7) advances Bécancour Lithium Refinery plans with Hydro-Québec power application

April 24, 2024 02:19 PM AEST | By Aditi Sarkar

Lithium Universe (ASX: LU7) advances Bécancour Lithium Refinery plans with Hydro-Québec power application — Image source: Company ppt

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Highlights

Lithium Universe has submitted an application to Hydro-Québec for 18 MW of green power for its proposed Bécancour Lithium Refinery.

The power requirements for the planned lithium refinery have been evaluated and finalised by Hatch Engineering.

The company’s Chairman hailed this strategic move as pivotal for the lithium refinery project's advancement.

Lithium Universe Limited (ASX: LU7) experienced a notable upswing on the ASX today (Wed 24 Apr), with its shares trading 26% higher. This uptick came in response to the company's announcement regarding its progress in strategy towards producing more environmentally friendly battery-grade lithium carbonate at the proposed Becancour Lithium Refinery.

The company has applied for up to 18 megawatts of green electricity (Train 1) to Hydro-Québec.

Hydro-Québec is a major player in renewable energy in North America. It generates just more than 99% of its power from water sources. The application process with Hydro- Québec delineates the following:

power requirements for the construction
commissioning
start-up
incremental scaling up to achieve full production of the initial 16,000 tpa battery-grade lithium carbonate facility.

This achievement follows an extensive engineering study carried out by Hatch Engineering that determined the power needs for Train 1 of the planned lithium refinery.

The Bécancour lithium refinery is proposed in the Bécancour Waterfront Industrial Park (BWIP) in Québec, Canada. BWIP is positioned at the crossroads of hydro-electrical distribution networks. Owing to its location, the park provides a dependable and economically viable hydroelectric power source in Québec.

Last month, LU7 completed a port evaluation and finalised the Bécancour Port as the optimal option for importing lithium-rich spodumene to supply the Bécancour Lithium Refinery. The proposed refinery, dependent on spodumene feed, could source this material from domestic sources in Canada or from external sites near the Atlantic Ocean, such as Brazil, Africa, or even as far away as Australia.

Reflecting on the milestone, Lithium Universe’s Chairman, Iggy Tan said "The strategic move to secure green electricity from Hydro-Québec marks a significant step in our lithium refinery project. Our emphasis on early work streams underscores our determination to accelerate the development process. We are committed to fast-tracking the development, ensuring the refinery becomes a reality in record time."

At the time of writing this article (Wed 24 Apr 1:38 PM AEST), the share price of LU7 was AU$0.033.

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