$48 million lithium investment from Volkswagen

Volkswagen sees critical importance for electric vehicle batteries lithium raw material made a significant investment to secure its supply. The German automotive giant acquired a 9.9% stake in the Canadian lithium company Patriot Battery Metals. $48 million He bought it for (69 million Canadian dollars).

According to the press release, Patriot is currently under development. Shakichiuwanan project annually for 10 years to Volkswagen when it goes into production. 100,000 tons of spodumene concentrate will supply. This raw material comes from the 100%-owned vertically integrated battery manufacturer Volkswagen PowerCo SEIt will be provided to .

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Other projects are also being considered

In addition to all this, Volkswagen and Patriot further strengthen their cooperation. to expand aims. Future plans include further development of the Shaakichiuwaanaan project and lithium processing plant There are issues such as establishment. With such investments, Volkswagen has expanded its business from lithium to battery production. the whole process aims to take control.

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Kayrabey
1 day ago

1

It’s nice…