Stellantis has announced an agreement with Kuniko for the supply of battery grade nickel and cobalt sulphate.

The binding offtake term sheet agreement guarantees a nine year commitment of acquiring 35% of nickel and cobalt sulphate from Kuniko’s Norwegian exploration projects.

Stellantis has also agreed to purchase EUR5m in new equity in Kuniko. This will give Stellantis a 19.99% shareholding on completion and rights to nominate a director to the board.

The funds obtained from the equity purchase will be utilised to progress Kuniko’s battery metals exploration projects which include both brownfield and greenfield initiatives.

Stellantis said completion of the agreements “are subject to customary closing conditions, including regulatory approvals.”

The agreement with Kuniko further enhances Stellantis’ roster of deals for the supply of battery materials.

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By GlobalData

The automaker also has agreements with Alliance Nickel, McEwen Copper, Terrafame, Vulcan EnergyElement 25 and Controlled Thermal Resources.