Business
Global Energy Metals Forms U.S. Subsidiary Amid Rising Demand for Regionalized Battery Mineral Supply Chain Exposure
Vancouver, BC - TheNewswire - October 5, 2020 - Global Energy Metals Corporation (TSXV:GEMC) | (OTC:GBLEF) | (FSE:5GE1) ("Global Energy Metals", the "Company" a
About this update from Global Energy Metals Corp
[{"type":"text","content":"Vancouver, BC - TheNewswire - October 5, 2020 - Global Energy Metals Corporation (TSXV:GEMC) | (OTC:GBLEF) | (FSE:5GE1) (\"Global Energy Metals\", the \"Company\" and/or \"GEMC\") is pleased to announce that in seeking to capitalize on rising interest in the battery minerals sector as global adoption of electric vehicles significantly increases that the Company has formed a new, wholly-owned U.S subsidiary - U.S. Battery Metals Corporation. On September 30th, 2020, U.S. President Donald Trump said \"a strong America cannot be dependent on imports from foreign adversaries for the critical minerals that are increasingly necessary to maintain our economic and military strength in the 21st century\" and put in effect , which required the Secretary of the Interior to identify critical minerals and made it the policy of the Federal Government to reduce the Nation's vulnerability to disruptions in the supply of critical minerals. Having U.S. Battery Metals as a subsidiary allows GEMC to establish a U.S. presence at a pivotal time when the EV automotive industry becomes a pillar for the sourcing of a localized critical battery metals supply chain and is on the forefront of national political and economic agendas. As its first holdings, U.S. Battery Metals will include the recently announced approved acquisition of an 85% stake in both the Lovelock Mine and Treasure Box projects, strategically located in close proximity to end-use battery manufacturing capacity. The addition of these highly prospective nickel, cobalt and copper properties, each being well positioned for further exploration and development, comes at a time when the battery minerals sector is realigning with price fundamentals as a surge in demand and market growth is supported by a global acceleration of EV production. A movement that is demanding that the value chain be made as simple as possible and that electroMobility and other sustainable-energy initiatives require supply chain disruption and localization. RhoMotion, a UK based group that provides long-term forecasts and analysis for the electric vehicle industry, recently suggested that global investment in the EV supply chain will be well in excess of USD $1trillion. By 2040, Bloomberg New Energy Finance (BNEF) foresees the global stock reaching 500 million EVs across the industry, with automakers investing $300 bi...