Investing.com — Volkswagen (ETR:) introduced a $48 million funding in Canadian lithium firm, Patriot Battery Metals (TSX:). The transfer is a part of the German auto big’s technique to make sure a continuing provide of lithium uncooked supplies from North America.
The funding, introduced Wednesday, contains Volkswagen’s acquisition of a 9.9% stake in Patriot Battery Metals. The deal additionally features a binding settlement that requires Patriot Battery Metals to provide Volkswagen with 100,000 tons of spodumene focus per 12 months for a decade.
This settlement will come into impact when the Shaakichiuwanaan mission, at the moment beneath growth in Quebec, enters manufacturing.
The mission is anticipated to provide lithium to Volkswagen’s battery subsidiary PowerCo in Europe and North America.
Along with the funding and provide settlement, Volkswagen stated PowerCo and Patriot Battery Metals would discover attainable collaborations. These might embrace the continued growth of the Quebec mission and the creation of a lithium conversion plant.
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