Las Vegas, NV, Sept. 21, 2022 (GLOBE NEWSWIRE) — Barrel Energy Inc., (OTC Markets: BRLL) (the “Company” or “Barrel Energy”) is pleased to provide a corporate update.
Lithium carbonate, a critical component for EV battery producers, has seen its price climb by more than 80% in 2022, with prices internationally reaching a record high of approximately $72,000/tonne. Rising demand is the cause of this price increase with limited increases in supply. Despite worldwide demand for critical battery components, several environmental concerns persist in the sector of lithium extraction, which might further constrain supply.
China dominates the world in battery metals refinement. There is a greater than tenfold difference between raw ore/concentrate prices (approx. $5,000/tonne) to refined battery grade lithium prices ($72,000/tonne). Barrel Energy’s intent is to capitalize on that arbitrage and bring refining to North America.
Barrel Energy is now in discussion with some parties interested in developing solutions for increasing North America’s lithium supply with environmentally friendly extraction technologies that enable more North American production. This will help detach North America from global supply chains. Barrel Energy is also encouraged by the aggressiveness of the United States in promoting domestic production and we are positioning ourselves to be a key player in the lithium industry.
More updates and events are expected to be announced within the coming weeks.
About Barrel: Barrel Energy Inc., (OTC Markets: BRLL) is focused on several ventures within the green energy and battery minerals sector and the rapid development of valuable production opportunities throughout North America and abroad. The company holds important joint venture agreements to advance technologies and processes for Electric Vehicle batteries.
Contact: Harp Sangha/Chairman
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Security and Exchange Commission.