Carmaker Stellantis secures supply of battery-grade lithium
The carmaker Stellantis said Monday that it has secured a five-year supply of battery-grade lithium hydroxide in Europe to support its plans to convert to 98% electrified vehicles by 2025.
Stellantis, the company that combined PSA Peugeot and Fiat Chrysler, signed a binding agreement with Vulcan Energy Resources Ltd. in Germany, which uses geothermal energy to produce the battery-quality lithium hydroxide from brine without using fossil fuels. Vulcan will supply between 81,000 metric tons and 99,000 metric tons of lithium hydroxide over the five-year term of the agreement.
Stellantis said its deal supports the decarbonized supply of key raw materials for electric vehicle battery packs.
The carmaker announced plans last July to convert nearly all of its production to electric or hybrid by 2025.
Under the plans, more than 70% of vehicles sold in Europe and 40% of those sold in the United States will be low-emission vehicles by 2030.