TUCSON, Ariz., Nov. 14, 2011 (GLOBE NEWSWIRE) -- At a time when lithium battery technology is mostly associated with mobile devices and hybrid car batteries, Pan American Lithium Corp. (TSX-V:PL) (OTCBB:PALTF) (OTCQB:PALTF) anticipates a future that includes soaring growth in lithium demand to help power the electrical smart grid, among other applications.
As evidence for the projected demand for lithium, Pan American CEO Andrew Brodkey cites an article by Tom Larsen of Palladium Energy in "Hearst Electronics Products". See:
http://www2.electronicproducts.com/Lithium_batteries_Powering_future_smart_grids-article-fapo_Palladium_oct2011-html.aspx
Pan American Lithium, which holds rights in 11 lithium and potash-bearing brine projects covering over 20,000 hectares in Chile, aims to profit from the world's increasing need for lithium. Brodkey noted that overall demand for lithium-carbonate, which is the form of lithium used for batteries, is expected to be estimated to be growing approximately 5% per year with battery demand increasing over 25% annually. Pan American also has noted that total lithium carbonate demand, which was estimated to be approximately 85,000 metric tons per year in 2007, is predicted to increase to over 200,000 metric tons per year by 2015. In addition, Brodkey points out that Chile's combination of stable government, established law and regulation, and a business-friendly climate combine to make Chile the ideal location for lithium development.
Brodkey also notes that Larsen cites the rising demand for smart-grid electricity, as a contributor to lithium's future growth. The smart grid matches energy transmission to peak demand times. Coupled with advances in lithium battery technology, the smart grid is expected to lead to a worldwide boom in demand for lithium. The reason: the need to store energy on a much larger scale than in the past. Large format, stationary lithium battery technology is playing a key role in the total energy picture due to its relatively low cost and high efficiency.
Worldwide growth in renewable energy for solar and wind sources adds to the need for utility companies to store electricity. Additional factors driving the growth in demand for lithium are government incentives and mandates. An example is the American Recovery and Reinvestment Act, in which the Obama administration called for $4.5 billion smart grid investment, including the installation of 40 million smart meters. The fact that smart meters must have backup battery power represents another opportunity for lithium technology.
On Behalf of the Board,
PAN AMERICAN LITHIUM CORP.
/s/ Andrew Brodkey
Andrew A. Brodkey
President and CEO
(520) 623-3090
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) inability of the Company to complete its business plan; (ii) a decrease in demand for and price of lithium or potassium; and (iii) general uncertainties with respect to mineral exploration in general. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
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