Stellantis Invests $100 Million in CTR to Boost Lithium Production
17 August 2023 - 9:02PM
Dow Jones News
By Maitane Sardon
Stellantis said Thursday that it has invested $100 million in
lithium resource and renewable energy company Controlled Thermal
Resources Holdings to advance the development of CTR's geothermal
lithium project in California.
The project, called Hell's Kitchen, has the capacity to produce
up to 300,000 metric tons of lithium carbonate equivalent each
year, the Netherlands-based car maker said.
Lithium produced at CTR's Hell's Kitchen will support
Stellantis's fully-electric vehicles' eligibility for incentives
under the U.S. Inflation Reduction Act, the company said.
The company said it has signed a new agreement with CTR for the
supply of up to 65,000 metric tons of battery-grade lithium
hydroxide monohydrate a year over 10 years for use in EV
production.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
August 17, 2023 06:47 ET (10:47 GMT)
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