The inaugural Nevada Lithium Summit kicked off today - an event aimed to foster collaboration between professionals across the industry and connection with local leaders.

The summit is sponsored by Governor Joe Lombardo in a time when people all around the world are looking at Nevada to become the next lithium powerhouse.

"The opportunity for lithium right now and the opportunity for Nevada to fill a critical role is all a part of the energy transition that's underway right now by moving away from oil and gas," said Caleb Cage, Executive Director of the Nevada Battery Coalition.

Lithium powers a lot of our technology - such as cell phones and laptops - but most of it is currently mined outside of the United States.

Earlier this year, the federal government authorized a $700 million conditional loan to Australian company Ioneer to build a lithium mine about 40 miles south of Tonopah, at the Rhyolite Ridge mine in Esmerelda County.