DLE means paying a third party to do the sun's work and, for...

DLE means paying a third party to do the sun's work and, for most, will mean selling LiCl to a converter at a low margin who will get it to battery grade. If global conversion capacity keeps up with the coming available supply of low- and technical grade lithium, it will be a seller's market. Otherwise, the buyers who pushed prices to the moon and then dragged them back will retain full control of the market. Battery makers are going to want battery grade and that's where Puna is looking to keep control and the entire profit margin from brine to battery.