Mercedes-Benz Inks Lithium Supply Agreement With Rock Tech Lithium - Mercedes-Benz Group (OTC:MBGYY)

Mercedes-Benz Group ADR MBGYY has signed a supply agreement with Rock Tech Lithium Inc. for the supply of an average of 10,000 tonnes of battery-grade lithium hydroxide per year.
The deal represents an estimated sales volume of approximately C$2 billion or €1.5 billion under a five-year term of the agreement and an initial ramp-up period.
This represents 40% of the expected annual production from Rock Tech's planned converter capacity in Guben, Germany.
The annual volume of lithium hydroxide to be delivered under the supply agreement will be sufficient to equip about 150,000 Mercedes-Benz electric cars with premium high-performance batteries.
"This significant amount of lithium sourced directly from Rock Tech will help Mercedes-Benz to advance localization of European production of state-of-the art battery cells," said Markus Schäfer, Member of the Board of Management of Mercedes-Benz, Chief Technology Officer responsible for Research & Development and Procurement.
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Price Action: MBGYY shares closed lower by 0.92% at $13.98 on Wednesday.
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