- 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.
- Also Read: Mercedes-Benz Bets Big On Wind Amid European Energy Crisis
- Price Action: MBGYY shares closed lower by 0.92% at $13.98 on Wednesday.
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