Covalent
Covalent Lithium is a 50:50 joint venture between Wesfarmers and SQM operating an integrated mine (Mt Holland) and refinery (Kwinana) in Western Australia to produce approximately 50,000 tonnes per annum of battery-grade lithium hydroxide for electric vehicle battery and energy storage manufacturers globally.
- Company typePrivate
- Founded2018
- HeadquartersPerth, Australia
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Covalent does
Covalent Lithium is a 50:50 joint venture between Wesfarmers Limited and Sociedad Química y Minera de Chile (SQM), established to develop a fully integrated lithium mining and refining operation in Western Australia. The company operates two principal assets: the Mt Holland Mine and Concentrator, which produces spodumene concentrate, and the Kwinana Lithium Hydroxide Refinery, which converts that concentrate into battery-grade lithium hydroxide using hydrometallurgical processing. At nameplate capacity of approximately 50,000 tonnes per annum, the integrated operation is sized to supply enough battery-grade lithium hydroxide for roughly one million electric vehicles per year.
The company sells its product directly to electric vehicle battery manufacturers and energy storage system producers through offtake agreements, operating a B2B enterprise model with pricing determined by global lithium market conditions. The core technology stack is the integrated mine-to-refinery value chain, which removes the third-party processing step that is typical for spodumene producers. As a private joint venture funded entirely by its two corporate parents, Covalent has no external venture capital or private equity exposure, and its earnings contribution is reported through Wesfarmers' Chemicals, Energy & Fertilisers division, which recorded its first positive lithium earnings contribution from Covalent (AUD 6 million) in H1 2026.
The company is headquartered at the Kwinana refinery site and was founded in 2018. First battery-grade lithium hydroxide production was achieved in July 2025, with the operation currently ramping toward nameplate capacity. Recent milestones include the Mt Holland mine reaching over 80% of nameplate capacity in 2025, a January 2025 bushfire emergency that temporarily disrupted the mine site, and a CEO transition announced in May 2026 with Stuart Macnaughton succeeding Ross Martelli at the end of 2026.
Covalent firmographics
Firmographics- Name
- Covalent
- Legal name
- Covalent Lithium Pty Ltd
- Website
- https://covalentlithium.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Covalent Lithium is a 50:50 joint venture between Wesfarmers and SQM operating an integrated mine (Mt Holland) and refinery (Kwinana) in Western Australia to produce approximately 50,000 tonnes per annum of battery-grade lithium hydroxide for electric vehicle battery and energy storage manufacturers globally.
- Ownership category
- akta.pro rank
Covalent industry classification
Industry- Product category
- Lithium Mining and Refining
- NAICS
- Other Metal Ore Mining (21229)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Lithium Mining & Brine Extraction (IMAKAFAA)
- akta.pro secondary industries
- Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)
Keywords
Where Covalent is headquartered
LocationHeadquarters
- HQ city
- Perth
- HQ country
- Australia
- HQ region
- Oceania
Offices3 records
Markets served
Covalent business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales
Revenue model
- Lithium Hydroxide Sales: Production and sale of battery-grade lithium hydroxide produced from the Mt Holland mine and Kwinana refinery. The operation is expected to produce approximately 50,000 tonnes per annum at full capacity, sufficient for approximately one million electric vehicles per year.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels1 record
Covalent product offering
Product offeringCore offering
Covalent Lithium operates a fully integrated lithium mining and refining operation in Western Australia comprising the Mount Holland Mine and Concentrator and the Kwinana Lithium Hydroxide Refinery. The company mines spodumene ore and converts it into approximately 50,000 tonnes per annum of battery-grade lithium hydroxide, supplying electric vehicle battery manufacturers and energy storage system producers globally.
Product overview
Covalent Lithium is a fully integrated lithium mining and refining operation comprising the Mount Holland Mine and Concentrator and the Kwinana Lithium Hydroxide Refinery in Western Australia. As a 50:50 joint venture between Wesfarmers Limited and Sociedad Química y Minera de Chile (SQM), the company produces approximately 50,000 tonnes per annum of battery-quality lithium hydroxide, supplying the electric vehicle and energy storage markets globally.
Differentiator
Problem solved
Functional benefit
Products and services
- Mount Holland Mine and Concentrator Open-pit lithium mining operation located within the Great Western Woodlands in Western Australia (also referred to as the Earl Grey Lithium Project). The site includes a concentrator that produces spodumene concentrate, which is the upstream feedstock for the Kwinana refinery's hydrometallurgical processing.
- Kwinana Lithium Hydroxide Refinery Battery-grade lithium hydroxide refinery located in the Kwinana Industrial Area, approximately 35 kilometres south of Perth, Western Australia. The refinery converts spodumene concentrate into approximately 50,000 tonnes per annum of battery-quality lithium hydroxide for electric vehicle and energy storage markets.
- Battery-Quality Lithium Hydroxide Battery-grade lithium hydroxide produced at the Kwinana refinery, supplied to global electric vehicle battery manufacturers and energy storage system producers to support growing demand for clean energy storage and EV battery production.
Quantifiable outcome
- 50,000 tonnes per annum nameplate capacity for battery-grade lithium hydroxide
- +1 more outcomes
Companies that use Covalent
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Covalent technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Covalent partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Sociedad Química y Minera de Chile (SQM)coreSQM is a 50% joint venture partner in Covalent Lithium. SQM brings extensive expertise in lithium and chemical processing, contributing to the joint venture's capabilities in producing battery-quality lithium hydroxide for the global EV and energy storage markets.
Scale indicators4 records
Recent moves5 records
Expansion highlights4 records
Covalent competitors and assessment
Company assessmentRegional players
- Mineral Resources (MinRes): Australian mining and processing operator with significant lithium exposure (Mt Marion JV with Ganfeng, downstream Kemerton hydroxide refinery). Comparable regional peer with integrated lithium operations in Western Australia.
- IGO Limited: Australian mining company with a significant stake in the Greenbushes lithium operation and downstream processing interests (Kwinana hydroxide refinery JV with Tianqi). Comparable as an Australian critical minerals operator with battery-grade lithium exposure.
Emerging players
- Piedmont Lithium: Emerging North American-focused lithium developer pursuing integrated spodumene-to-hydroxide production. Comparable emerging integrated lithium chemicals business targeting the EV battery materials supply chain.
Direct peers
- Albemarle Corporation: Global leader in lithium production across brine and hard-rock resources, with significant lithium hydroxide output serving EV battery manufacturers. Direct competitor in battery-grade lithium hydroxide supply.
- Liontown Resources: Australian hard-rock lithium developer (Kathleen Valley) producing spodumene concentrate with downstream ambitions. Comparable Australian lithium producer serving the EV battery materials market.
- Pilbara Minerals: Australian hard-rock lithium producer (Pilgangoora) supplying spodumene concentrate and developing downstream processing. Comparable as a Western Australian lithium operator targeting battery-grade supply chains.
- Tianqi Lithium: One of the world's largest hard-rock lithium hydroxide producers with the Kwinana-style integrated mine-to-refinery model (Greenbushes stake + processing). Highly comparable as a vertically integrated lithium chemicals producer.
- Arcadium Lithium (formerly Livent / Allkem): Major integrated lithium chemicals producer formed by the merger of Livent and Allkem, with brine and hard-rock assets and significant lithium hydroxide capacity. Closely comparable product portfolio and customer base.
Broad incumbents
- Ganfeng Lithium: Chinese integrated lithium producer with extensive upstream and downstream operations across brine, hard-rock and chemical processing. Comparable as a vertically integrated producer of battery-grade lithium chemicals serving global EV customers.
- Sociedad Química y Minera de Chile (SQM): One of the world's largest lithium producers from Salar de Atacama brine resources and a 50% parent of Covalent. Comparable as a major global lithium chemicals producer with deep hydrometallurgical expertise, though operating from a fundamentally different resource base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Covalent social profiles
Digital presenceCovalent financial estimates
Financial estimateRevenue estimate
Valuation estimate
Covalent leadership team
Management profileNumber of profiles
Profiles5 records
Covalent funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Covalent M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Covalent
What does Covalent do?
Covalent Lithium operates a fully integrated lithium mining and refining operation in Western Australia comprising the Mount Holland Mine and Concentrator and the Kwinana Lithium Hydroxide Refinery. The company mines spodumene ore and converts it into approximately 50,000 tonnes per annum of battery-grade lithium hydroxide, supplying electric vehicle battery manufacturers and energy storage system producers globally.
Is Covalent a public or private company?
Covalent is a private company. It is classified as corporate owned and is currently operating.
When was Covalent founded?
Covalent was founded in 2018. It employs 251 to 500 people.
Where is Covalent based?
Covalent is headquartered in Perth, Australia, in the Oceania region.
How does Covalent make money?
One revenue line is on record: lithium Hydroxide Sales.
Who are Covalent's main competitors?
Regional players on record are Mineral Resources (MinRes) and IGO Limited. Piedmont Lithium is listed as an emerging player. Direct peers are Albemarle Corporation, Liontown Resources, Pilbara Minerals, Tianqi Lithium and Arcadium Lithium (formerly Livent / Allkem). Broad incumbents are Ganfeng Lithium and Sociedad Química y Minera de Chile (SQM).
Does Covalent have an API?
No public API is recorded for Covalent.
What industry is Covalent in?
Covalent's product category is Lithium Mining and Refining. Its primary akta.pro industry code is IMAKAFAA, Lithium Mining & Brine Extraction, with a secondary code of IMAKAFAI, Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate). Its NAICS code is 21229 and its SIC code is 1000.