Argentina Lithium & Energy Corp. (ALE) has announced it has closed a $90 million investment by Stellantis.
Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V. has invested US$90 million in Argentina to acquire shares of ALE.
According to GlobalData’s deals database, ALE has granted Stellantis the right to exchange all of the ALE Shares for up to 19.9% of the outstanding common shares of Argentina Lithium (on an undiluted basis) in the future, subject to certain conditions set out in an exchange agreement.
On the announcement of the investment, Argentina Lithium President & Chief Executive Officer Nikolaos Cacos said: “We are delighted to have Stellantis as a partner in the future development of our lithium projects in Argentina. Together, we share a vision to build a sustainable lithium mining operation for the future. We look forward to a strong and successful relationship with Stellantis and we are committed to delivering a sustainable lithium product that will contribute to the electrification of transportation and the protection of our atmosphere.”
In connection with the transaction, the parties have also entered into a lithium offtake agreement, a shareholders’ agreement with respect to ALE.
Argentina Lithium and Stellantis will enter into an investor rights agreement, with the processed of the transaction being used to advance development of the ALE’s lithium projects held through its wholly owned subsidiary in Argentina.
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