Belmont-based Piedmont Lithium, which wants to open a lithium mine in northwest Gaston County, will change its name to Elevra Lithium after its merger with Sayona Mining in mid 2025, according to an SEC report filed Thursday.
After the merger, Piedmont Lithium CEO Keith Phillips will retire as CEO and director of Piedmont and will become an advisor to Elevra Lithium. Each company also put up four nominees to serve on the new company’s board.
Piedmont put up Dawne Hickton as chair. She is CEO of Pittsburgh-based Cumberland Additive, a 3-D printing technology company that serves the space, defense and aerospace markets.
Sayona nominated Lucas Dow as managing director and CEO, the same position he’s held with the Australian-based company since July 2024. The new company will maintain an office in Belmont, Piedmont officials have said in the past. A request for an update on plans was not immediately returned.
The merger plan was announced in November, with Sayona as the parent company. Piedmont Lithium has a market capitalization of about $132.5 million, compared to $240 million when the merger was announced. Sayona has a market capitalization of about $184.6 million, compared to $250 million when the merger was announced.
The U.S. headquarters will remain in Belmont. Piedmont Lithium currently has 23 employees, compared to 217 for Sayona.
The companies already jointly own a lithium project in Quebec in Canada. Having a combined firm will create a stronger business and create the largest North American lithium producer, the companies said at the time of the merger announcement.
Lithium has experienced growth in recent years because of demand from Tesla and other electric-vehicle manufacturers who rely on lithium-ion batteries. But a sharp decline in lithium prices is causing delays in investments and consolidation throughout the industry.
Piedmont is developing the Gaston County project, taking advantage of a rare U.S. location of spodumene assets. But it has faced significant opposition from local officials and residents. The company is also working on spodumene assets in Ghana with Australian-listed Atlantic Lithium. Sayona also has lithium holdings in western Australia.