Disseminated on behalf of Surge Battery Metals Inc.
Lithium prices have jumped sharply overnight, catching the attention of investors, automakers, and battery makers. In China, lithium carbonate futures on the Guangzhou Futures Exchange hit about 95,200 yuan (≈$13,400 USD) per metric ton. This marks a rebound from earlier lows caused by oversupply.
Historically, lithium prices have been volatile. Peak prices reached around 150,000 yuan per ton in 2022, followed by a slump during the oversupply period in 2023–2024.
The recent spike followed comments from the chairman of Ganfeng Lithium, Li Liangbin, who projected a 30–40% rise in global demand by 2026. He suggested prices could reach between 150,000 and 200,000 yuan per ton if this growth materializes.
The surge highlights lithium’s critical role in powering electric vehicles (EVs) and large-scale energy storage.
Growing Demand for Lithium: What Drives the Boom?
Electric vehicles remain the largest driver of lithium demand. Around 16 million EVs were on the road globally in 2024, up from 10 million in 2022. Sales are forecast to exceed 25 million units by 2026 and reach over 50 million by 2030. Longer-range vehicles require larger batteries, which increases lithium use.
Energy storage systems are another fast-growing source of demand. Utilities expanding solar and wind energy need lithium-based batteries to store surplus electricity. Heavy-duty electric trucks and buses have larger batteries. This means they use more lithium per vehicle compared to passenger EVs.
Long-term trends toward decarbonization and renewable energy growth further support lithium demand. Analysts say that EV batteries make up about 70% of lithium demand. Grid storage accounts for 15%. Electric trucks use 10%, and other uses, like electronics and specialty chemicals, are around 5%.
Supply Challenges Keep Prices Elevated
Lithium carbonate prices in China have climbed dramatically, moving from $8,259/tonne on June 23, 2025, to $12,791/tonne on November 19, 2025 – a rise of about 55% over five months.
This recent rally is primarily attributed to tight supply conditions, with major Chinese mines, including those operated by CATL, pausing operations due to falling prices earlier in the year. As output was reduced or shut in, inventories were gradually drawn down, tightening available supply.

Moreover, lithium production is highly concentrated. Australia leads with around 60,000 tonnes LCE annually, followed by Chile (35,000 tonnes), China (25,000 tonnes), Argentina (18,000 tonnes), and the U.S. (≈5,000 tonnes). Geographic concentration adds risk: environmental regulations, political tensions, or operational issues could tighten supply.
Restarting idled mines or opening new projects takes 2–5 years. Inventories from the oversupply period act as a buffer. Current estimates show global lithium stocks at about 350,000 tonnes LCE. This amount can help with short-term supply issues, but it’s not enough for long-term growth.
- SEE live prices here: Live Lithium Prices Today
The factors that keep pushing lithium demand higher include:
- Electric vehicles,
- Energy storage systems,
- Electric trucks and buses, and
- Long-term climate trends.
Lithium makes up about 20–25% of total EV battery costs. So, price changes can greatly impact EV production costs. Also, battery chemistry trends show that sodium-ion and solid-state batteries might take a small share of the market by 2030. However, lithium-ion will remain the leader for now.
Lithium carbonate prices in China have climbed sharply, as shown in the chart. Prices rose more than 17% this month as investors bet on accelerating demand from the energy storage sector.
- MORE on LITHIUM:
What Analysts Say: Forecasts and Future Trends
Fastmarkets predicts a small surplus in 2025, shifting to a deficit of 1,500 tonnes LCE by 2026. A few years ago, the market had a surplus of about 175,000 tonnes in 2023 and 154,000 tonnes in 2024. Cuts in production at high-cost or marginal mines and rising demand from EVs and storage systems are driving this rebalancing.
Arcane Capital forecasts global demand could hit 4.6 million tonnes LCE by 2030, led by EVs, grid storage, and heavy-duty transport.
Benchmark Mineral Intelligence expects lithium carbonate prices to stay between $15,000 and $17,000 USD per ton in 2025, but prices may be lower in 2026 if supply increases faster than demand.
Still, the chart from Katusa Research highlights a growing deficit in lithium supply and demand. This supply deficit will likely underpin upward pressure on lithium prices moving toward 2030.

Production in Australia, China, and South America should grow by about 10% each year, per industry estimates. However, delays or cost overruns might slow this growth.
Risks to the Price Recovery
Lithium prices face several risks. EV adoption could slow if subsidies or incentives drop. Battery makers might adopt sodium-ion or other chemistries if costs rise. Rapid restarts of idled mines or new production could oversupply the market.
Regulatory hurdles, environmental restrictions, and trade tensions could also disrupt supply. Recent price spikes were partly due to speculative trading, highlighting the market’s sensitivity to sentiment.
Who Wins and Who Loses?
Higher lithium prices may hurt automakers and battery makers, pushing them to secure contracts or invest in recycling. Mining companies benefit from higher prices but must manage timelines and costs.
Meanwhile, investors have opportunities, though volatility is high. Policymakers consider lithium a strategic resource and are encouraging domestic production, recycling, and robust supply chains.
With global supply growth uncertain, focus is turning to projects that provide steady, long-term output. This is especially true in areas aiming to boost domestic supply chains, where Surge Battery Metals comes in.
Spotlight: Surge Battery Metals – US Lithium Hero
Surge Battery Metals (TSX-V: NILI | OTCQX: NILIF) is emerging as a key U.S. lithium developer. Its Nevada North Lithium Project (NNLP) hosts the highest-grade lithium clay resource currently reported in the United States, with an Inferred Resource of 11.24 million tonnes of lithium carbonate equivalent (LCE) grading 3,010 ppm lithium (NI 43-101, September 24, 2024).

A Preliminary Economic Assessment (PEA) on the project outlines robust economics, including:
- After-tax NPV₈%: US$9.21 billion
- After-tax IRR: 22.8%
- Low operating costs: US$5,243 per tonne LCE
NNLP benefits from access to regional infrastructure, including established roads and nearby power, supporting future development.
Surge’s leadership team includes veterans from Millennial Lithium, a company acquired for US$490 million in 2022. The company has also secured a staged C$10 million JV funding agreement with Evolution Mining to advance NNLP toward Pre-Feasibility while maintaining majority ownership.
How Nevada North Fits into the Global Picture
The Nevada North Lithium Project demonstrates the potential to become a globally significant lithium operation. According to comparative analysis from 3L Capital and S&P Global, NNLP’s Life-of-Mine (LOM) average production of 86 kt LCE per year—as outlined in the PEA—would rank the project as the 5th largest lithium-producing project in the world compared with 2024 producers and developers.

Even in its first year, NNLP is projected to produce 26 kt LCE, placing it among the top 16 lithium projects globally on a 2024 comparative basis. This combination of scale, grade, and location underscores NNLP’s potential as a strategic U.S. supply source in a market seeking domestic, high-quality lithium to reduce dependence on overseas imports.

If advanced through feasibility, permitting, and construction decisions, NNLP has the potential to become a competitive, American-based lithium operation—supporting both EV manufacturing and large-scale energy storage with “American-made” battery-grade feedstock.
Lithium Surges, Supply Matters, and America Prepares
Prices are shaped by several key factors. These include updates on production from major mines, trends in EV adoption, grid storage deployment, new battery technologies, and changes in policy. Inventory levels and market speculation will continue to influence short-term volatility.
Lithium prices have jumped, signaling a possible market turning point after past oversupply. High demand from EVs, grid storage, and heavy-duty transport, along with limited production and geographic concentration, is pushing prices up.
Industry stakeholders, investors, and policymakers have to monitor developments closely as lithium continues to play a central role in the global energy transition. Surge Battery Metals shows the type of domestic production needed to meet rising demand and strengthen supply chains in a rapidly evolving market.
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The post Lithium Prices Surge Amid Strong Demand Forecasts, Could Reach Up to $28,000/Ton by 2026 appeared first on Carbon Credits.
Carbon Footprint
McKibben opts for a small-tent climate movement
A few months ago I went to a climate change forum at the Center for Brooklyn History. The panel I attended, “Confronting Climate Change: Understanding Deniers,” featured the prominent climate activist, Bill McKibben.
Bill McKibben. Courtesy https://billmckibben.com/.
I was curious to hear McKibben’s take on climate change deniers. I don’t regard the true deniers as a big problem – they’re only 11-15% of our country, according to most polls. Rather, I wondered if McKibben would label as “climate deniers” people who agree that climate change is a significant problem but disagree with his framing and his proposed solutions. I have worked for decades on energy and climate matters as an energy lawyer. Now, more than ever, I believe that to address climate change we need to build a big tent.
In the Q&A I tested where McKibben is on this by asking if he would label as a climate denier someone who subscribes to the main tenets of climate change science yet holds that natural gas has a role to play as a bridge fuel. (Our exchange starts at 1:12:45 of the video.)
This could have been a chance for McKibben to make clear that such a view isn’t climate denialism, even if he feels it’s misguided. But he punted, saying “I don’t care whether they’re deniers or not.” For good measure, he threw in his long-standing refrain that swapping coal for natural gas makes climate change worse, despite coal’s far higher carbon content per unit of energy.
674-MW methane-powered generating station, Salem, MA.
As you can hear in the recording, McKibben’s claim that gas is worse than coal draws on the work of Cornell scientist Robert Howarth. Yet McKibben didn’t mention that Howarth’s work is controversial and disputed by many scientists. The crux of the dispute is whether methane’s impact on warming should be measured with a 20-year or 100-year time frame.
Methane is a relatively short-lived greenhouse gas, with a lifetime of around 10 years, versus the 100-year life applicable to carbon dioxide. But each ton of methane is far more potent while in the atmosphere, trapping roughly 100 times as much heat as a ton of CO2. These cross-cutting facts about atmospheric methane — shorter life but greater potency than CO2 — have resulted in two opposing camps: one insisting on a 20-year timeframe for greenhouse gas accounting, the other adhering to the established 100-year frame. This matters because with a 20-year timeframe, generating electricity with natural gas (which, chemically speaking, is essentially all methane) is more damaging to climate than coal-fired electricity.
McKibben blew past this dispute. To hear him at the Center for Brooklyn History, one would have no inkling that there’s an active disagreement over which timeframe to use, that there are staunch climate activists who favor the 100-year time frame, and that the Intergovernmental Panel on Climate Change (IPCC) generally uses the 100-year timeframe.
McKibben’s latest (2025) book. Published by W.W. Norton & Company.
McKibben also insisted that a discussion about natural gas’s potential role in mitigating climate change as a replacement for coal is irrelevant because solar “is now our cheapest resource.” McKibben’s claim, of course, suffuses “Here Comes the Sun,” his 2025 book that extols solar power as the cheapest solution for all of our energy needs. But this too is questionable, because it’s based on cost comparisons between solar farms and natural gas power plants (or nuclear power plants) that fail to consider that electricity supply and delivery is a complex system of wires and plants rather than individual power plants. Based on his remarks, McKibben is choosing to ignore studies such as the comprehensive 2025 report from the Clean Air Task Force that concluded that plant-level cost comparison “is a good metric to track historical technology cost evolution [but] is not an appropriate tool to use in the context of long-term planning and policymaking for deep decarbonization.” And the task force is not alone in finding that when electricity is treated as a system, solar loses its place as the cheapest low-carbon resource.
The dogmatism McKibben displayed at the Brooklyn meeting was unfortunate. We’re in a time when efforts to combat climate change are in retreat. A unified front is required to turn the tide. Instead of doubling down on absolutist positions, activists like McKibben who seem convinced that the solution to climate change is all-renewables, end of discussion, should be seeking common ground with others who want climate action but believe that nuclear power and natural gas must also play a role.
NYC Climate March, Sept 17, 2023. Photo: C. Komanoff.
Climate change activists need to build a bigger tent, rather than call anyone who disagrees with their positions a climate change denier. It is striking that McKibben stuck to his guns after saying in the same talk that the most important goal for everyone right now is to help climate change realists win more House and Senate seats in this year’s midterms. As some have noted, an absolutist position on natural gas appears less likely to achieve that win and politicians are following that advice.
Will McKibben evolve? He has demonstrated that he knows how to build a national climate movement centered around issues like divestment. Given the current political situation, he should focus on building an even bigger tent by welcoming all of the 85% who believe that we need to address climate change but do not agree with his ideological positions.
Rich Miller is an energy lawyer who has worked for a variety of stakeholders and now gives walking tours in lower Manhattan on the history of electricity.
Carbon Footprint
Rebranding ‘Balcony Solar’ as ‘Guerrilla Solar’ won’t lift its climate value.
Image generated with Claude. Why have we juxtaposed a bicycle with balcony solar? Read on.
First it was Plug-In Solar. Then it was Balcony Solar. Now it’s Guerrilla Solar, at least according to Inside Climate News, which yesterday proclaimed that The ‘Guerrilla Solar’ Era Has Arrived.
“It,” of course, is Modular solar panels. They’re the hot new photovoltaic solution: cheap enough to buy at Home Depot, easy to hang or prop to catch maximum rays, and small enough to fit on a balcony (if you’ve got one) and plug into your “home grid.” But, alas, too meager a generator of electricity to be more than a bit player in decarbonizing most U.S. homes.
How do I know? I’ve done the math.
A standard, lower-end 220-watt balcony solar array will produce 337 kilowatt-hours a year, or 28 kWh a month averaged over the course of a year. That’s for a 220W unit measuring 3.5 feet by 3.5 feet. (220W x 1/1000 x 17.5% x 8760 hours per year = 337 kWh. Calculation assumes a 17.5% full-year capacity factor, which is arguably generous for New York, where I live. )
Our balcony solar mashup. Top: an install in Germany. Bottom: Home Depot advert.
A typical U.S. home consumes 10,500 kWh a year, or 28 to 29 kWh per day, says Solartech, drawing on U.S. Energy Information Administration data. That puts a home’s daily power needs on par with a balcony solar unit’s monthly output. In effect, once each month the balcony array gifts a homeowner or renter a bit more than day’s full complement of electricity. And earth’s atmosphere gets the same respite: a 3 percent reduction in carbon emissions caused by the home’s electricity usage.
(The 3 percent figure could also be calculated directly by dividing 337 kWh per year of solar production by 10,500 kWh per year to run the home. For bigger or smaller arrays, just prorate your assumed wattage by my 220W; for 440W, say, double my figures.)
Balcony Solar metrics
Why write about balcony solar if it’s so inconsequential? CTC’s mission includes puncturing would-be climate balloons before they ascend too far. In the same vein, we practice quantification to make clear what does and doesn’t move the climate needle. (More on that further below.)
The best way to depict balcony solar’s climate value is to express it in terms of tangible metrics. We’ve selected two. Both assume the basic, lower-end PV array I assumed at the top: a 3.5 foot-square array whose peak output is 220 watts.
1. It would take 50 million 220W balcony solar units (bsu’s) to restore the climate benefit we destroyed in 2020-2021 when we shut the high-performing Indian Point nuclear power plant 32 miles from Midtown Manhattan.
2. A single person cutting back their driving by a mile a day would provide the same climate benefit over the course of a year as a single 220W bsu.
(Calculations in sidebar. Now you know why we led with images of an urban dweller as cyclist and balcony solar user.)
Yes, it’s dense — as befits a sidebar. The numbers tell a story. Follow the color co-ordination.
Ponder that: It would take fifty million smallish bsu’s to level up to the fossil fuel carbon emissions that Indian Point was keeping at bay by supplying the New York City area year in and year out with abundant carbon-free power. Deploying that many balcony solar units would entail 10 bsu’s for each of the 5 million households in the MTA’s service territory. (The Metropolitan Transportation Authority provides subway, bus and commuter rail transit in the five boroughs and seven suburban counties.) Or, if those same households upgraded to 1100-watt bsu’s, collectively they would still make up only half of the lost Indian Point power.
The second comparison, involving driving, is perhaps trickier to grasp but more interesting, since it relates to people’s behavior. Living differently isn’t part of public discourse, at least not in the USA, and especially when what’s being served up is using less. But “reducing,” as we might call it (remember “Reduce, Reuse, Recycle”? or, “Insulate, then Insolate”?) is just as potent for cutting emissions as switching to renewables — even more so when the reducing means driving less, considering the multitude of benefits that accrue from diminishing cars’ imprints on our communities. Still, staying on topic: driving just one fewer mile per day brings about the same shrinkage in carbon emissions as deploying one 220W solar array.
What Balcony Solar boosters are really saying
To be fair, our friends at Inside Climate News and, yes, The New York Times appear to be trying to modulate their balcony solar enthusiasm.
ICN‘s Dan Gearino, whom we cited up front, said he looked to Germany, the birthplace of balcony solar, to see if the units made sense for U.S. households. His takeaway: “It may make more sense financially to spend the cost of plug-in solar on insulation, air sealing or other basic measures to reduce energy use.” Hooray: insulate before you insolate.
Gearino helpfully interviewed renewables guru (and U.S. emigré) Craig Morris, who currently heads Germany’s plug-in solar trade association, Bundesverband Steckersolar. To Morris, balcony solar’s main advantages are that it provides power without taking up land, and that it affords people a way to “become participants in the transition to clean energy.” Behold, guerrilla solar. That, in turn, bolsters “the political consensus that supports the transition.” But Morris also made clear that widespread adoption of plug-in solar would only meet “about 2 percent of Germany’s electricity demand.”
Morris’s “about 2 percent” feels right for Germany. But not for the U.S., where widespread adoption of virtually any individual carbon alternative seems forever out of reach, and where the energy pie is so much larger — think giant fridges, freezers for beer, steroidal homes bursting with piles of powered toys, not to mention industrial and institutional electricity use that Morris correctly excluded from his figure.
Don’t forget to micro-dose. NYT headline + image for David Wallace-Wells’ guest essay (see text). Image by Rui Pu.
Both Gearino and Morris seem more measured than climate journalist Robinson Meyer, founding editor of Heatmap and frequent contributor to The Times, where he wrote about balcony solar in mid-June.
“New zero-carbon power kits will allow Americans to make their own energy choices,” declares the callout to the print version of Meyer’s NYT guest essay, The Tiny Solar Panel That Could Change America. (The even more expansive print headline invites us to “Forget Roofs. Backyard Solar Is the Next Frontier.”)
Wallace-Wells is of two minds. He calls balcony solar “a small way that apartment- and condo-dwelling Americans can take ownership of their energy choices and cut down their pollution on the margins.” No quarrel there, thanks to his qualifiers “small” and “on the margins.” Earlier, though, he opines that balcony solar units “have the potential to change how Americans understand and consume energy,” But read further and you’ll again see Wallace-Wells cautioning that “Balcony solar will play one small role in [the] drama” of transiting to the new world of clean, abundant energy.
Any such caveats are welcome these days, amid widespread solar hoopla. Still, it doesn’t seem to be in Wallace-Wells’ toolkit — or that of Inside Climate News and other mainstream climate journalists — to tutor their audiences as to the true limits of balcony solar and other panaceas. Just like it wasn’t in their field of vision a decade ago to lay out the true stakes of shutting Indian Point as Riverkeeper was singing its siren song.
What’s Next for NY Balcony Solar
Meantime, as Canary Media reported recently (and helpfully), New Yorkers concerned with climate and affordability are waiting for NY Gov. Kathy Hochul to sign the recently passed SUNNY (Solar Up Now New York) Act legalizing balcony and other plug-in solar. It would be head-spinning (and politically suicidal) if she didn’t, given near-universal support ranging from Con Edison to DSA Assembly Member Emily Gallagher, who told Canary Media, “This is the most popular bill I’ve [ever] worked on.”
My guess is that Hochul is waiting for the right moment, and perhaps the right “package,” that can advance and not undercut her push to launch five large new nuclear power plants around the state — one to be built by the public New York Power Authority, the others to be constructed and operated privately. A little bit of math, a la what we offered here a la Indian Point, might help her out.
The governor also must manage the veritable hot potato of her deferred implementation of the landmark 2019 Community Leadership and Climate Protection Act. She might do well to consider jettisoning the act’s unwieldy cap-and-invest centerpiece in favor of a straight-up carbon tax (with the revenues distributed pro rata to the state’s households) in its place. That, far more than balcony (or guerrilla) solar, could blow open the door to the “innovations and technologies we cannot yet imagine” that Wallace-Wells fantasized about in his Times essay.
Carbon Footprint
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