Carmaker Stellantis secures supply of battery-grade lithium

Business

The sign is seen outside of the FCA US LLC Headquarters and Technology Center as it is changed to Stellantis on January 19, 2021 in Auburn Hills, Michigan. – Newly-created European carmaker Stellantis motored its way January 18, 2021 onto the Paris and Milan stock exchanges. Stellantis — created by the merger of France’s PSA and US-Italian rival Fiat Chrysler — is the world’s fourth-biggest automaker by volume. (Photo by JEFF KOWALSKY / AFP) (Photo by JEFF KOWALSKY/AFP via Getty Images)

MILAN (AP) — The carmaker Stellantis says it’s secured a five-year supply of battery-grade lithium hydroxide in Europe supporting its plans to convert to 98% electrified vehicles by 2025.

The car company that combined PSA Peugeot and Fiat Chrysler said Monday that is signed a binding agreement with Vulcan Energy Resources Ltd. in Germany.

It 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.

All top automakers are working on electric vehicles as fears grow about climate change.

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