GM to take equity stake in Australian mining company

General Motors Co said on Tuesday it will invest up to $69 million and take an equity stake in Queensland Pacific Metals to secure a new source of nickel and cobalt for battery cells for use in the US automaker’s vehicles.

GM said the investment will help support electric-vehicle eligibility for consumer incentives under new, clean energy US tax credits. GM said the nickel laterite ore is expected to be processed using a new, proprietary process that helps reduce waste. Under a law passed in August, automakers must source battery minerals from countries with free trade agreements in order to qualify for the US consumer EV tax credits.

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GM is starting an energy storage subsidiary to take on the Tesla Powerwall | CNN BusinessGeneral Motors is starting its own energy storage business using its Ultium battery packs to power homes and charge cars as well as to feed power back into the grid when needed. Less Dollar! More Work !! Thank the Republicans for allowing gm to aquire crypto to fund this little green project.
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