(Kitco News) - Stellantis (NYSE: MTA), one of the world's leading automakers, said today it has signed a binding offtake agreement with Controlled Thermal Resources (CTR) for CTR to supply battery grade lithium hydroxide for use in Stellantis' North American electrified vehicle production.
According to the company's statement, CTR's Hell's Kitchen project in California's Imperial County will recover lithium from geothermal brines utilizing renewable energy and steam to produce battery grade lithium products in an integrated, closed-loop process, eliminating the need for evaporation brine ponds, open pit mines, and fossil-fueled processing.
"In the fight against global warming, bolstering our battery electric vehicle supply chain to support our bold electrification ambitions is absolutely critical," said Carlos Tavares, Stellantis CEO. "Ensuring we have a robust, competitive, and low-carbon lithium supply from various partners around the world will enable us to meet our aggressive electric vehicle production plans in a responsible manner."
CTR will supply Stellantis with up to 25,000 metric tons per year of lithium hydroxide over the 10-year term of the agreement. Stellantis added it announced in late 2021 a similar supply deal to support its European vehicle production.
As part of the Dare Forward 2030 strategic plan, Stellantis announced plans to have global annual battery electric vehicle sales of five million vehicles by 2030, reaching 100% of passenger car BEV sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in North America.
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Stellantis said it also increased planned battery capacity by 140 GWh to approximately 400 GWh, to be supported by five battery manufacturing plants in Europe and North America, together with additional supply contracts.
The company pointed out that CTR will produce battery grade lithium hydroxide and lithium carbonate along with geothermal energy in Imperial County, California with a resource production capacity in excess of 300,000 metric tons per year.
Stellantis is one of the world's leading automakers and a mobility provider. The company's brands include Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys.
