Assembly Line

Big Automakers Grab $1 Billion Deal for Urgently Needed Battery Metals

📅 Date:

✍️ Author: Amirth Ramkumar

🔖 Topics: Funding Event

🏢 Organizations: Volkswagen, Stellantis, Glencore

Volkswagen and Jeep maker Stellantis are each committing $100 million in a complicated transaction that will create a publicly traded mining company producing nickel and copper from two Brazilian mines that run on hydropower.

They are joining with a special-purpose acquisition company run by a well-known mining executive who hopes to do more deals to build a large battery-metals company. Mining giant Glencore is also putting in $100 million and has agreed to turn the nickel and copper from the mines into battery-grade material at processing facilities in Western Europe and North America that would qualify for subsidies in the U.S. and Europe.

Read more at Wall Street Journal