Co-founder and CEO of Tesla, Elon Reeve Musk has turned his attention towards investment in lithium refining. Since buying Twitter proved difficult for Elon Musk, he is now looking for other lucrative investment opportunities.
Musk who has become enthusiastic about lithium urged investors at Tesla’s quarterly result presentation to bet on lithium refining.
The Billionaire believes that investment in lithium refining is like a “license to print money”
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Lithium refining is the process of isolating lithium while removing contaminants and other chemicals to produce a pure, usable form of lithium. With the rise in demand for lithium, the need for efficient, cost-effective lithium extraction and refining processes also increases.
The Tesla boss believes that investment in lithium refining is an investment that “cannot be lost”, and that now is the perfect time to invest as more and more car companies go electric.
“I would like to urge entrepreneurs to enter the lithium refining business. Mining is relatively easy. Refining is much more complex,” said the businessman. “Lithium refining requires a lot of machinery and is difficult to scale,” said Elon Musk.
Elon Musk has predicted that the lithium processing sector will reach “software-like” margins.
Despite Musk’s enthusiasm, other investors are cautious. After all, a previous surge in investment in the lithium sector caused prices to fall, and they stayed low until 2020.