By Adria Calatayud

Jeep maker Stellantis NV said Friday that it is teaming up with Australia's Alliance Nickel Ltd. to secure battery-grade nickel and cobalt sulphate and that it will take a 11.5% stake in the mining company.

The European car maker, which also owns Chrysler, Dodge and Ram, said it signed a so-called offtake agreement with Alliance Nickel under which the mining company will supply 170,000 tons of nickel sulphate and 12,000 tons of cobalt sulphate over a five-year period initially from its NiWest project in Western Australia.

Stellantis said it will also acquire a 11.5% shareholding in new equity in Alliance Nickel for 9.2 million euros ($10.1 million).

The car maker said the agreement supports the 2030 targets it set out in its strategic plan.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 28, 2023 03:05 ET (07:05 GMT)

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