Elektros (OTC PINK: ELEK) (“Elektros” or “the Company”), an emerging leader in the electric mobility industry, announced it had signed a lease agreement for a Lithium mining project in Sierra Leone. On August 15, 2024, the Company entered into a 13-year ground lease agreement for a Lithium mine located at Gbu-Gbu village Gawola Town in the Tinkoko chiefdom Bo District in the southern part of Sierra Leone, West Africa.
The purpose of the lease is to commence the lithium mining operation and management of a multi-family residential apartment for labourers of the mining operation as needed. The Company has already begun initial preparations at the mining site, with the first shipments of lithium-bearing rock aggregate expected to be ready for off-site processing and milling in the coming weeks.
The global demand for lithium has steadily risen, driven primarily by the growing electric vehicle (EV) market and the increasing need for large-scale energy storage solutions. According to a recent industry report, the global lithium-ion battery market is expected to reach $116.6 billion by 2030, growing at a CAGR of 18.0% from 2021 to 2030. Sierra Leone has become an attractive destination for lithium mining due to its investor-friendly policies and abundant natural resources.
The country has been actively promoting its mining sector, offering competitive tax incentives and streamlining regulatory processes to attract foreign investment. Additionally, the southern region of Sierra Leone, where the Company’s mining operation is located, is known for its rich lithium deposits.
Lithium has a wide range of applications beyond EVs, including solar battery storage, data centres, and consumer electronics. As the world continues to transition towards renewable energy and sustainable technologies, the demand for this critical mineral is expected to dramatically increase in the coming years.
About Elektros, Inc.
Elektros (OTC PINK: ELEK) is a vertically integrated sustainable energy company focused on lithium mining, electric vehicle charging, solar energy storage, and power supply for AI data centres. We are at the forefront of the clean energy transition, driving innovation in mobility and energy technologies to combat the global climate crisis and deliver transformative user experiences.
