Stellantide Expands Relationship with Vulcan Energy Become a shareholder in carbon-free lithium Company
Stellantis will become the second shareholder of Vulcan
Investment will increase low-carbon production of lithium hydroxide needed for Stellantis’ European electric vehicle production
Initial agreement extended to 10 years
AMSTERDAM, Juneand 242022 – Stellantide NV and Vulcan Energy Resources Ltd. today announced Stellantis’ €50 million (A$76 million) capital investment in Vulcan and an extension of the binding original direct debit agreementsyou in 10 years. The capital investment will go towards Vulcan’s planned production expansion drilling at its Upper Rhine Valley brine production field (URVBF). Vulcan already produces geothermal energy from its URVBF and plans to produce lithium hydroxide with zero fossil fuels and a zero net carbon footprint as part of the Zero Carbon Lithium™ project.
“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 Carlos Tavares, CEO of Stellantis. “We continue our quest to build strong relationships with partners who share our values as we collectively fight global warming and deliver clean, safe and affordable mobility to our customers.”
“Stellantis’ significant investment in Vulcan and the Zero Carbon Lithium™ project represents a strong statement from one of the world’s largest automakers regarding the sustainable and strategic sourcing of battery materials,” said the CEO of Vulcan, Dr. Francis Wedin. “We are fully aligned with Stellantis’ decarbonization and electrification goals, which are among the most ambitious in the industry. It is encouraging to see a leading automaker invest in the local production of low-carbon lithium for electric vehicles. As our largest buyer, we look forward to deepening our relationship with Stellantis as a significant shareholder of Vulcan and our Zero Carbon Lithium™ business.
As a member of Dare the future 2030 strategic plan, Stellantis announced its intention to achieve 100% of the sales mix of battery electric vehicles (BEV) for passenger cars in Europe and 50% of the sales mix of BEVs for passenger cars and light trucks in the United States of by 2030. Stellantis will lead the industry in climate change mitigation, becoming net zero carbon by 2038, with a 50% reduction by 2030.
Stellantis recently announced its North American Lithium Hydroxide Supply Agreement.
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Stellantis NV (NYSE/MTA/Euronext Paris: STLA) is one of the world’s leading automotive manufacturers and mobility provider. Its historic and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati , Opel, Peugeot, Ram, Opel, Free2move and Leasys. Empowered by our diversity, we are leading the way for the world – aspiring to be the biggest sustainable mobility technology company, not the biggest, while creating value for all stakeholders as well as the communities in which it operates. operates. For more information, visit www.stellantis.com.
Vulcan aims to become the world’s leading lithium producer with net zero greenhouse gas emissions. Its Zero Carbon Lithium™ project aims to produce battery-grade lithium hydroxide chemical from its combined geothermal energy and lithium resource, which is Europe’s largest lithium resource, in Germany. Vulcan’s unique Zero Carbon Lithium™ project aims to produce both renewable geothermal energy and lithium hydroxide from the same deep brine source. In doing so, Vulcan intends to meet the demands of the European lithium market by reducing the high carbon and water footprint of production and the total reliance on imports. Vulcan aims to supply Europe’s fastest growing lithium-ion battery and electric vehicle market. The Vulcan Zero Carbon Lithium™ project has a resource that could satisfy Europe’s needs for the electric vehicle transition, from a source of net zero greenhouse gas emissions, for many years to come. come.
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