As clean energy efforts boom, a new discovery in Norway could fuel the future of the movement. A mining company found an estimated… 77 billion tons Phosphate reserves are sufficient to meet global demand over the next fifty years, according to its discoverers.
It was the deposit find out By Norge Mining in 2018, but the company did not announce the amount of phosphate it had discovered until last May.
“At a depth of 400 metres, we have created two world-class sources, which together allow the supply of raw materials for at least 50 years,” said Michael Wurmser, founder and executive vice president of Norge Mining. EURACTIV.
Phosphate, when processed into phosphoric acid, is a Main ingredient In lithium iron phosphate batteries. These batteries are what keep many solar systems and electric vehicles running.
In fact, the use of lithium iron phosphate batteries is expected to boom soon. According to the International Energy Agency, the market share of lithium iron phosphate batteries in commercial vehicles is expected to rise by 2040. 90%.
With demand for clean energy systems on the rise, this discovery is significant not only for its size, but also for its location. Before this deposit was discovered, Major producers Of the phosphates were Morocco, China, the United States and Russia. Since the Russian invasion of Ukraine in 2022, the market has been on a massive scale It broke down.
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The discovery of this warehouse is expected to help alleviate some of these pressures, meaning electric vehicles and solar panels may see their costs fall.
“When you find something of this size in Europe, which is larger than all the other sources we know of, this is significant.” He said. “We think the phosphorus we can produce will be important for the West – it provides autonomy.”
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