Friday, July 12, 2024

Stellantis secures key raw materials for EV batteries from GME Resources

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Stellantis signed a non-binding initial agreement with GME Resources to secure supplies of nickel and cobalt sulfate for electric vehicle batteries.

The deal marks a further move by the world’s fourth-largest automaker to lock in the supply of the metal needed for the batteries that power EV cars, ahead of a spike in global demand expected as the transition to cleaner mobility gains traction with citizens.

Earlier this year the Franco-Italian group signed a lithium supply agreement with developer Vulcan Energy Resources and said it would invest 50 million euros to buy an 8% stake in it.

Stellantis and mining company GME said in a statement on Monday that the memorandum “is the first step towards a potential long-term partnership.” Unfortunately the financial details were not disclosed.

Supply will come from an advanced nickel and cobalt mining project in Western Australia called “NiWest”, which GME is currently developing, with a planned production of approximately 90,000 tonnes of battery grade nickel and cobalt sulfate per year. “A feasibility study for NiWest will begin this month,” the company said.

Stellantis Chief Purchasing and Supply Chain Officer, Maxime Picat, said securing raw material sourcing and battery supply would strengthen the group’s value chain for EV production and support its decarbonization targets.

Stellantis, owner of top brands such as Jeep, Peugeot, Fiat, Citroen, Maserati and Opel, has pledged to make 100% of its sales in Europe and 50% of its sales in the US battery electric vehicles by 2030.

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