Volkswagen Invests $48 Million in Canadian Lithium Company Patriot Battery Metals

📆 18-12-24 15:51:00
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Volkswagen,Powerco,Lithium

Volkswagen Group and its battery subsidiary, PowerCo, have acquired a 9.9% stake in Canadian lithium company Patriot Battery Metals for $48 million. This marks Volkswagen's first direct investment in the lithium supply chain, aiming to secure raw materials from North America. The agreement includes a 10-year commitment for Volkswagen to receive 100,000 tonnes of spodumene concentrate annually from Patriot's Shaakichiuwaanaan lithium project in Quebec. The companies also signed a memorandum of understanding to explore joint development opportunities for the project.

its acquisition of a 9.9% stake in Canadian lithium company Patriot Battery Metals for $48 million.

The Vancouver-based company also signed a memorandum of understanding with PowerCo to explore joint development opportunities for the Quebec project, previously known as Corvette. “This investment represents a milestone in our journey toward a fully electric future,” said Thomas Schmall, Volkswagen Group board member for Technology,. “By collaborating with Patriot Battery Metals, we are not only securing key raw materials for cutting-edge, sustainable battery technology but also reinforcing our commitment to North America.”

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