Volkswagen allocates USD48.2M in Canadian lithium battery company
Date
12/19/2024 3:04:13 AM
(MENAFN) Volkswagen has allocated USD48.2 million in Vancouver-based Patriot Battery Metals, as reported by the Canadian lithium battery company on Wednesday.
The German vehicle producer developed a 9.9 percent prize in Patriot Battery Metals.
Volkswagen’s battery secondary, PowerCo, as well as Patriot Battery Metals have inked an agreement to provide a yearly total of 100,000 tons of spodumene concentrate, which is a mineral with high lithium content consumed in the manufacturing of batteries, for almost more than 9 years.
The Canadian firm will supply PowerCo with up to 90 gigawatt hours (GWh) of manufacturing capacity in its cell manufacturing processes in Europe as well as North America, which is expected to be enough for the manufacturing of 1 million electric automobiles per year.
The agreement is going to create a maintainable and ESG-compliant (ecological, public as well as governance) battery supply chain to receive government contributions and motivations for the growth of a chemical alteration ability.
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