Stellantis takes stake in Vulcan Vitality – EAST AUTO NEWS

Stellantis takes stake in Vulcan Vitality

Stellantis and Vulcan Vitality Assets introduced the automaker’s EU50 million (A$76 million) fairness funding in Vulcan and an extension of the unique binding offtake settlement to 10 years.

The fairness funding will go in direction of Vulcan’s deliberate manufacturing enlargement drilling in its producing Higher Rhine Valley Brine Subject (URVBF). Vulcan is already producing geothermal vitality from its URVBF and plans to supply lithium hydroxide with zero fossil fuels and internet zero carbon footprint as a part of the 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’ important funding in Vulcan and the challenge represents a powerful assertion by one of many world’s largest automakers concerning sustainable and strategic sourcing of battery supplies,” mentioned Vulcan managing director Francis Wedin. “It’s encouraging to see a number one automaker investing in native, low carbon lithium manufacturing for electrical autos. As our largest offtaker, we stay up for deepening our relationship with Stellantis as a considerable shareholder.”

Stellantis takes stake in Vulcan Vitality – EAST AUTO NEWS


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