Ana Cabral

Company: Sigma Lithium
Title: Co-Chair & Chief Executive Officer
Industry: Materials
Hometown: São Paulo, Brazil
Notable in 2023: Made progress on path to become world's most sustainable producer of lithium for the global EV transition.

If asked to name the most important female business leader in the EV transition, most minds might go straight to GM CEO Mary Barra. But when it comes to the key element of lithium that is critical in powering EV batteries, Ana Cabral stands out. 

In the past year, Cabral led publicly traded Sigma Lithium, Brazil's top producer, to key milestones in its business plan to produce carbon-neutral lithium. That approach could give it an edge in a highly competitive commodities market, and as regions like the European Union move to "battery passport" identification processes to track production throughout the EV battery supply chain. 

From its Grota do Cirilo Project in Brazil, situated in the burgeoning "Lithium Valley" of Jequitinhonha, Sigma's "Triple Zero Green Lithium" tackles several challenges associated with industrial production: carbon, tailings, and harmful chemicals from the mining process, as well as intensive use of water (Sigma uses 100% recycled water).

Sigma's first sale and shipment of its lithium concentrate, and subsequent shipments to commodities trading giant Glencore, were sold at a premium, a world-first, according to the company.

Automakers are pulling back on EV production timelines. The price of lithium plunged in recent months as EV sales around the world slowed. Sigma has faced its own internal turmoil, with a C-suite shakeup this year and several reports about a divorce battle between Cabral and her husband, formerly co-CEO, stoking investor concerns. The company has refuted claims that the legal matter will have a bearing on the company's future. Sigma says it is on track to produce 270,000 metric tons of its lithium on an annualized basis, and has plans to triple its annual lithium production. 

Cabral brings to the climate challenge decades of experience as an investment banker focused on natural resources and mining, having worked in New York, London, and São Paulo for Goldman Sachs, Barclays and Merrill Lynch. A deal may be in the company's near-term future, with Sigma currently pursuing a dual Nasdaq/Singapore Stock Exchange listing, a move Cabral said in a statement reflects an ongoing strategic review process that has included interest from automakers and battery companies.