Stellantis continues to work to ensure an adequate supply of raw materials for battery production. This is a very important job for his electrification plans. Precisely for this reason, in recent months the automotive group has signed several agreements with companies that work in the mining sector.
Now, Stellantis has announced that it has signed a binding contract with the company Kuniko mining to buy 35% of cobalt nickel sulphatefrom that company's exploration projects in Norway. The agreement has a duration of nine years. At the same time, the automotive group also decided to invest 5 million euros in Kuniko. Stellantis will go so; to have a 19.99% stake and the right to appoint a member of the Board of Directors of Kuniko.
The investment will be used by Kuniko to expedite her metal exploration work for batteries. As mentioned at the beginning, Stellantis is creating a network of partnerships to ensure a stable supply of essential materials for its electrification plans.
In addition to Kuniko, the automotive group has signed agreements with Alliance Nickel, McEwen Copper, Terrafame , Vulcan Energy, Element 25 and Controlled Thermal Resources. Maxime Picat, Chief Purchasing and Supply Chain Officer of Stellantis, commented:
We are embarking on an ambitious journey to secure a broad assortment of raw materials needed to meet the Dare Forward 2030 electrification targets. With Kuniko, we are adding another lever to support our battery needs in Europe through a solution extremely aware of the environment in terms of protection of the environment, coming from the Norwegian projects of the company.
Antony Beckmand, CEO of Kuniko, added:
This strategic partnership with Stellantis advances sustainable value chain solutions for batteries in Europe and strengthens the potential of our portfolio of battery metals projects in Norway. We are excited to partner with Stellantis to achieve exploration success, drive manufacturing into the future, and make significant contributions to the growth and advancement of the battery industry in Europe.
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