The world’s richest person, SpaceX & Tesla CEO, Elon Musk advised entrepreneurs to step into the Lithium Business/industry (lithium is used as electrode and electrolyte material in lithium disposable batteries and in lithium-ion rechargeable batteries), more precisely the lithium refining business. With the sky-rocketing demand for electric vehicles and the limited supply of treated lithium, Musk named the lithium purifying business a “License To Print Money”.
As a prime piece for batteries in electric vehicles, lithium has been a continuous demand for years now. This demand for lithium is directly related to the growth of the electric vehicle industry. While the EV business is now valued at around 185 billion dollars, it is predictable to be valued at almost $823.75 by 2030.
With these facts and situations being so promising in Lithium Business, Musk while talking about the lithium refining business said that “It is basically like minting money right now. There’s, like, software margins in lithium processing right now,” he said. “So I would like to encourage, once again, entrepreneurs to enter the lithium refining business. You can’t lose.”
Further, he said regarding why lithium is a winning business. Musk said that the world has a plentiful lithium supply, and availability is not a problem. What’s missing is refining industries that can refine lithium to an extent where it can easily be used in electric vehicle batteries. “You have to sharpen up the lithium into battery-grade lithium carbonate and lithium hydroxide, which has to be tremendously high purity,” Tesla CEO said.