Stellantis Makes €50M Equity Investment In Lithium Company Vulcan Energy Resources

Stellantis NV STLA has made a €50 million (A$76 million) equity investment in Vulcan Energy Resources Ltd 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.
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