Mercedes Strikes €1.5 Billion Supply Deal with Canada’s Rock Tech Lithium

Mercedes-Benz signed a €1.5 billion supply agreement with Vancouver-based lithium producer Rock Tech Lithium Inc. The German automotive giant will receive an average of 10,000 tons of battery-grade lithium hydroxide per year as part of the deal. The deal will allow the automaker to supply its battery partners with raw material from 2026, including a qualification period, in order to rapidly scale up production of fully electric vehicles, it said in a statement.

The deal came shortly after the two companies said they would explore partnership opportunities. The €1.5 billion deal is expected to provide enough lithium hydroxide for 150,000 cars a year, the companies said.

“This significant amount of lithium sourced directly from Rock Tech will help Mercedes Benz to advance localization of European production of state of the art battery cells,” Mercedes-Benz management board member Schaefer said.

As part of the deal, Rock Tech Lithium plans to supply Mercedes-Benz battery partners from a converter based in Guben, Germany, helping the German carmaker to go fully electric by the end of the decade where market conditions allow.

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