Australian miner European Lithium to supply battery-grade lithium to BMW
Reuters
Published Aug 04, 2022 08:26PM ET
(Reuters) - Australia's European Lithium Ltd said on Friday it has signed an agreement with German automobile maker BMW AG to supply battery-grade lithium hydroxide, as companies look to shift towards greener sources of energy.
Australian lithium miners have been witnessing a flurry of activity in signing agreements with major automobile manufacturers to supply lithium, a key ingredient in electric vehicle batteries, as the global auto industry begins to pivot its manufacturing base toward EVs.
The firm, which is engaged in lithium exploration and development in Austria, said if a binding contract was signed after the initial non-binding Memorandum of Understanding (MoU), BMW will make an upfront payment of $15 million.
The proceeds from BMW's pre-payment will be used to start the construction phase of flagship Wolfsberg Project in Vienna, European Lithium said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.