Lithium supplier signs $335M supply deal with BMW
On Wednesday BMW said it signed $335 million deal with Livent (NYSE:LTHM) to supply the lithium directly to the car company's battery cell manufacturers from 2022 on.
By 2030, BMW said it expects at least half the company’s global sales are expected to come from fully-electric vehicles.
BMW said it partly chose Livent because of its green technology.
"Livent employs an innovative method, that emphasises sustainable water use and minimises the impact on local ecosystems and communities. The company will also contribute important data to the study of sustainable lithium mining initiated by the BMW Group," said the car company in a news release.
BMW Group said it already signed a contract for the procurement of lithium from so-called hard-rock deposits at Australian mines back in 2019. Now, the company is broadening its supplier base and additionally sourcing lithium from Argentina.
In its end of year, Livent said it expects revenue to be in the range of $335 million to $365 million in 2021 and adjusted EBITDA to be in the range of $40 million to $60 million.