The miners announced that Sayona Mining, based in Australia, will acquire Piedmont, creating a new company named Elevra Lithium. The board of Elevra Lithium will consist of four nominees from each of the merging companies. Despite optimistic projections for electric vehicles, the lithium industry has been facing challenges due to oversupply and low prices. Sayona's acquisition of Piedmont aims to consolidate their Canadian operations and enhance their presence in the North American electric vehicle market. Analysts predict continued pressure on lithium prices in 2025 due to steady supply levels. The merger is set to be finalized in mid-2025, according to the companies.