Stellantis Invests In Kuniko For Supply Of European Battery Materials
Portfolio Pulse from Shivani Kumaresan
Stellantis NV (NYSE:STLA) has signed a battery materials supply agreement with Norwegian company Kuniko Ltd. The deal includes a 35% future production offtake of nickel and cobalt sulphate from Kuniko's projects for nine years, and a €5.0 million investment in Kuniko for a 19.99% shareholding. The agreement is part of Stellantis' Dare Forward 2030 plan, aiming for a 100% passenger car battery electric vehicle sales mix in Europe by 2030.
June 30, 2023 | 10:36 am
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Stellantis' agreement with Kuniko for battery materials supply and equity investment is a strategic move towards its 2030 EV goals.
The agreement with Kuniko not only secures a supply of key battery materials for Stellantis, but also gives it a stake in the supplier, ensuring a level of control and stability. This is a significant step towards Stellantis' goal of a 100% passenger car battery electric vehicle sales mix in Europe by 2030, and is likely to be viewed positively by investors.
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