Jeep maker Stellantis NV on Monday announced it has signed a non-binding memorandum of understanding with a supplier for raw materials needed to build electric-vehicle batteries.
The agreement between Stellantis and GME Resources Limited — which owns a nickel and cobalt project in western Australia — is the latest example of automakers moving to shore up supplies of key raw materials deep into the supply chain to meet the capacity for their EV plans.
The deal with GME is for the "future sale of quantities of battery grade nickel and cobalt sulphate products" from the NiWest Nickel-Cobalt Project, according to a news release. That project is expected to produce approximately 90,000 tons per year of battery-grade nickel and cobalt sulphate for electric vehicles. A feasibility study for the project is slated to start this month, according to Stellantis and GME.
