Toyota-Panasonic EV Battery JV To Procure Lithium From ioneer: Reuters

Toyota Motor Corp's TM joint battery venture with Panasonic Corp PCRFY is set to buy lithium from ioneer Ltd's Rhyolite Ridge mining project, Reuters reported.
The joint venture will utilize the metal procured for electric vehicle battery manufacturing in the U.S.
The joint venture, Prime Planet Energy & Solutions Inc, announced by Toyota and Panasonic in early 2020, will develop cost-effective batteries that are safe and efficient.
Under the terms of the deal, ioneer will supply 4,000 tonnes of lithium carbonate annually for five years to Prime Planet Energy & Solutions (PPES).
"Having an agreement with ioneer provides PPES a first step in securing a U.S. supply of lithium," the report quoted PPES President Hiroaki Koda.
Lithium supplies under the deal is expected to begin in 2025.
Price Action: TM shares are trading higher by 1.72% at $165.38 in premarket on the last check Monday.
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