Australia's Magnis in deal with Tesla to supply graphite for electric vehicle batteries
Reuters
Published Feb 20, 2023 06:20PM ET
(Reuters) - Australia's graphite developer Magnis Energy on Tuesday said it has signed a binding offtake deal with Tesla (NASDAQ:TSLA) Inc to supply battery anode materials for a minimum three-year term beginning February 2025.
The deal comes while automakers race to secure the supply of critical minerals as the world shifts to decarbonise and diversify global supply chains away from China, the world's biggest producer of electric vehicle batteries.
Australia is beefing up its supply of critical minerals to the global auto industry, with BHP group, Syrah Resources, Liontown Resources and Piedmont Lithium having agreed to supply these minerals to Tesla.
The company said it will supply to Tesla a minimum of 17,500 terapascal of anode active material (AAM), used in the making of lithium ion batteries, going to up to 35,000 terapascal, from a facility in the U.S. yet to be built.
Magnis aims to secure a final location for its commercial AAM facility in the U.S. by June 30, and commence production by February 2025.
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.