General Motors Co. on Tuesday said it has secured a new source of nickel and cobalt for its Ultium battery cells through an investment of up to $69 million in an Australian minerals exploration company.
The Detroit automaker announced it is investing in Queensland Pacific Metals for the development of the company's proposed Townsville Energy Chemicals Hub, or TECH, project in northern Australia.
"The collaboration with Queensland Pacific Metals will provide GM with a secure, cost-competitive and long-term supply of nickel and cobalt from a free-trade agreement partner to help support our fast-growing EV production needs," Jeff Morrison, GM's vice president of global purchasing and supply chain, said in a statement. "Importantly, the agreement demonstrates our commitment to building strong supplier relationships and is aligned with our approach to responsible sourcing and supply chain management."
