Stellantis NV and Vulcan Energy Resources Ltd. today announced Stellantis’ equity investment of €50 million (A$76 million) in Vulcan and an extension of its original binding off-take agreement to 10 years
Stellantis NV and Vulcan Energy Resources Ltd. today announced Stellantis’ equity investment of €50 million (A$76 million) in Vulcan and an extension of its original binding off-take agreement to 10 years. The capital investment will go into Vulcan’s planned production expansion wells in the producing Upper Rhine Valley (URVBF) brine field. Vulcan is already producing geothermal energy from its URVBF and plans to produce lithium hydroxide without fossil fuels and with a net zero carbon footprint as part of the Zero Carbon Lithium™ Project.
“By making this highly strategic investment in a leading lithium company, we can create a resilient and sustainable value chain for our European battery production for electric vehicles,” said Carlos Tavares, CEO of Stellantis. “We continue our quest to form strong relationships with partners who share our values, as we collectively fight against global warming and provide clean, safe and affordable mobility to our customers.”
“Stellaantis’ significant investment in Vulcan and the Zero Carbon Lithium™ Project represents a strong statement from one of the world’s largest automakers regarding sustainable and strategic sourcing of battery materials,” said Vulcan Managing Director Dr Francis Wedin. “We are fully aligned with Stellantis’ decarbonisation and electrification targets, which represent some of the most ambitious in the industry. It is encouraging to see a leading automaker investing in local, low-carbon lithium production for electric vehicles. As our largest customer, we look forward to deepening our relationship with Stellantis as a substantial shareholder in Vulcan and our Zero Carbon Lithium™ business.”
As part of the Dare Forward 2030 strategic plan, Stellantis has announced plans to reach 100% of its sales mix for passenger electric vehicles (BEV) in Europe and 50% BEV for passenger cars and light trucks in the United States by 2030. Stellantis becomes the industry champion in climate change mitigation and will become carbon neutral by 2038, with a 50% reduction by 2030.
Stellaantis recently announced its North American supply agreement for lithium hydroxide.