Mercedes-Benz Signs Battery-Grade Lithium Supply Agreement for EV Ramp Up
October 20 2022 - 2:21AM
Dow Jones News
By Pierre Bertrand
Mercedes-Benz Group AG said Thursday that it has signed a supply
agreement for raw electric-battery materials with Rock Tech Lithium
Inc, which is worth about $1.47 billion in sales according to the
Canadian-based lithium company.
The deal is for the annual supply of 10,000 tons on average of
battery-grade lithium hydroxide, enough for approximately 150,000
electric vehicles, the German auto-maker said.
The agreement, starting in 2026 including a qualification
period, enables the supply of raw materials to its battery partners
allowing for rapid scaling of electric vehicle production,
Mercedes-Benz said.
Rock Tech Lithium said the supply agreement is for a five-year
period.
Lithium hydroxide is a raw material needed for the production of
the lithium-ion batteries used in Mercedes-Benz electric vehicles.
The material will be refined in Germany, the company said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 20, 2022 03:06 ET (07:06 GMT)
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