US Elemental, the American lithium company, plans to go public through a reverse merger, with a valuation of $573 million.

Supported by the Australian mining giant Jindalee Lithium, the American lithium developer US Elemental Inc. announced on April 9 (Thursday) that it plans to go public on the NASDAQ in the second half of this year through a merger with a special purpose acquisition company (SPAC) Constellation Acquisition Corp I. The deal values the company at approximately $573 million and aims to raise funds for its lithium mining project in Oregon. The listing plan of US Elemental comes at a critical window for the global lithium market, which is gradually stabilizing after experiencing fluctuations. Previously, due to global mine production cuts and policies such as the ban on raw ore exports in major mining countries like Zimbabwe, the lithium supply side has undergone significant structural adjustments. Last year, driven by strong demand expectations for energy storage systems, the price of refined lithium - lithium carbonate used in automotive batteries - soared in China. Meanwhile, as the United States accelerates the localization of metal supply chains needed for electronics, automobiles, and defense technologies, the demand for investment in critical minerals continues to rise. A strategic shift away from reliance on Chinese and other foreign producers has reignited investor interest in early-stage mining projects - with the market betting that domestic companies will benefit from the Trump administration's efforts to expedite approval processes and provide specialized funding support. According to US Elemental, its McDermitt lithium mine project in Oregon, located near the border of Nevada, contains approximately 21.5 million tons of lithium carbonate equivalent, making it one of the largest lithium deposits in the United States. The project is about 35 kilometers (22 miles) from the American Lithium Company's Salinas Hills Mine and is one of several lithium mining projects under construction in the area. It is worth noting that the project has been included in the federal government's FAST-41 program, which aims to expedite the approval process for national critical resource development projects. According to government approval information platforms, US Elemental could receive construction permits as early as June. In fact, looking at the entire lithium battery industry track in the United States, US Elemental's listing is not a one-off case but part of the industry consolidation and expansion wave. Just in March of 2026, California Lithium and energy giant Controlled Thermal Resources also announced a similar path to listing, with a valuation of up to $4.7 billion through a merger with Plum Acquisition Corp IV. Unlike US Elemental's focus on traditional ore extraction, Controlled Thermal Resources focuses on geothermal lithium projects in the Salton Sea area and has signed long-term supply agreements with automotive giants such as General Motors Company (GM.US) and Stellantis NV (STLA.US). This diversified development model collectively forms the blueprint for the revival of the American lithium industry. At the same time, the US government's strategic support for domestic lithium resources is also increasing. In October 2025, the US Treasury Department completed a historic investment in Lithium Americas, acquiring a 5% stake and providing a massive $2.26 billion loan support for its flagship Thacker Pass project in Nevada. In addition, horizontal integration within the industry is also accelerating, such as the successful merger of Piedmont Lithium and Sayona Mining in August 2025, signaling that resource companies are responding to the volatile market environment through scalable operations. By choosing to make a splash on the NASDAQ at this time, US Elemental is not only seeking development funds but also aiming to gain a favorable position in the increasingly fierce competition in the North American domestic supply chain.