Demand for Platinum Group Metals

As the use of clean energy grows, the need for effective energy storage solutions becomes more pressing. Hydrogen and ammonia are emerging as promising large-scale clean energy storage candidates. These technologies, however, rely heavily on Platinum Group Metals (PGMs) like platinum, rhodium, and iridium.  

Platinum’s Limited Availability:  

Platinum’s global supply is limited, and it is primarily sourced from a few regions around the world. Platinum scarcity may become a significant constraint, impeding widespread adoption of clean energy sources, as demand for electricity power grows not only with solar but also with automotive vehicles. 

Issues with the Power Grid 

1. Charging electric vehicles places a significant strain on the power grid. Too many electric cars charging at once, along with many people running home air condition units and other usages can cause power outages or make the electricity weaker.

2. Some power lines and stations are old and unprepared for the extra electricity consumed by electric vehicles. To keep the power running smoothly, we need to upgrade and expand them. The infrastructure is simply not there yet. As demand increases innovation and refinement needs to be done.

3. During peak hours, for example, many cars may charge at the same time. This increases the demand for electricity, and we must find ways to better manage it. We have already seen during peak hours our electricity bill rises, could we expect seeing the cost for electricity rise even further as demand grows.

The Importance of Long-Term PGM Supply 

The truth of the matter is PGM reserves are limited. Considering that every unit of modern tech uses some measurement of precious metals and the rising demand for clean energy sources we may need to consider the economics. Because PGMs are relatively scarce and primarily mined in specific regions, their supply is vulnerable to geopolitical and environmental factors. 

To meet rising demand, more emphasis may be placed on recycling PGMs from end-of-life products like catalytic converters which house platinum, rhodium, and palladium. Innovative technologies may be needed to make better use of PGMs in the future. 

Learn more about Clean Energy and the Demand for Platinum Group Metals in this Episode of Noble6 Talks. 👇