(NewsDirect)
Argentina Lithium and Energy CEO NikoCacos joined Steve Darling from Proactive to share significant newsthat the company has secured US$90 million in funding through astrategic agreement with, Stellantis, one of the world's largestautomakers, known for its major brands such as Alfa Romeo, Chrysler,Dodge, Fiat, Jeep, Peugeot, and RAM.
Under this agreement, Stellantis will acquire a 19.9% stake inArgentina Litio y Energia, leaving the company with 80.1% ownership.
The cornerstone of this partnershipis an offtake agreement, with Stellantis committing to purchase up to15,000 tonnes per annum of lithium produced by Argentina Lithium overa seven-year period. This offtake agreement may potentially beextended beyond the initial seven-year period.
It's important to note that thecommencement of the supply obligation by Argentina Lithium iscontingent upon the successful launch of commercial production at oneor more of its projects.
Thiscollaboration with Stellantis not only provides Argentina Lithium withsubstantial funding but also establishes a long-term partnership witha major player in the automotive industry.
It underscores the growing demand forlithium as a key component in electric vehicle batteries and positionsArgentina Lithium as a significant contributor to the supply chain oflithium, a critical resource for the rapidly expanding electricvehicle market.
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