What is the future development trend of metal materials for on-board batteries?
Erik Prince said: "When it comes to building electric vehicles, the metal materials needed for on-board batteries are a topic that cannot be avoided.
Erik Prince, founder of Blackwater, wants to raise $500 million to invest in electric vehicles. The funds are mainly used to invest in cobalt, copper and lithium assets in Africa and Asia.
In recent years, the demand for cobalt, lithium, nickel and copper metal materials has been soaring, as the automotive industry is working to transform from diesel locomotives to electric vehicles. Many mining companies seize the opportunity and actively invest billions of dollars in order to accelerate the production of such core battery materials.
Experts predict that by 2027, battery manufacturers'demand for metal materials for such batteries will jump 650%. Overall demand in the market is expected to triple in the next nine years.
Prices, however, believes that the price of such metals will drop as the number of mineral projects on the line continues to increase.
Prince sold Blackwater in 2010, when he was beset by lawsuits. Since then, he has been running Frontier Services Group, which is responsible for providing comprehensive security, logistics and insurance services to the frontier market and has received support from relevant investors Chun Shun Ko and CITIC Group.