Stellantis has made a brand new fairness funding of €50 million in lithium producer Vulcan Power Sources, and prolonged its authentic binding offtake settlement to 10 years.
Vulcan will apply a few of the new funding to a deliberate enlargement of manufacturing at its Higher Rhine Valley Brine Discipline. Vulcan is already producing geothermal vitality on the website, and plans to provide lithium hydroxide with zero fossil fuels and a web zero carbon footprint as a part of its Zero Carbon Lithium Undertaking.
“Making this extremely strategic funding in a number one lithium firm will assist us create a resilient and sustainable worth chain for our European electrical car battery manufacturing,” mentioned Carlos Tavares, Stellantis CEO.
“Stellantis’s vital funding in Vulcan and the Zero Carbon Lithium Undertaking represents a powerful assertion by one of many world’s largest automakers concerning sustainable and strategic sourcing of battery supplies,” mentioned Vulcan Managing Director Dr Francis Wedin. “It’s encouraging to see a number one automaker investing in native, low-carbon lithium manufacturing.”
Supply: Stellantis
