- Stellantis NV (NYSE:STLA) has made a €50 million (A$76 million) equity investment in Vulcan Energy Resources Ltd (OTC:VULNF) and has extended its original binding offtake agreement to ten years.
- Vulcan is a lithium producer and intends to produce a battery-quality lithium hydroxide chemical product from its combined geothermal energy and lithium resource in Germany.
- The investment will be utilized for Vulcan's planned production expansion drilling in its producing Upper Rhine Valley Brine Field (URVBF).
- "Making this highly strategic investment in a leading lithium company will help us create a resilient and sustainable value chain for our European electric vehicle battery production," said Stellantis CEO Carlos Tavares.
- Stellantis plans to reach 100% of passenger car battery electric vehicle (BEV) sales mix in Europe and 50% of passenger car and light-duty truck BEV sales mix in the U.S. by 2030.
- Price Action: STLA shares closed lower by 1.90% at $12.89 on Thursday.
- Photo Via Wikimedia Commons
