MILAN, June 30 (Reuters) - Stellantis (STLAM.MI) has signed an offtake and equity investment agreement with Australia-listed Kuniko (KNI.AX), the latest of a string of deals aiming to give the carmaker stable supply of key materials for vehicle batteries.
The funds provided by Stellantis will help support Kuniko's brownfield and greenfield battery metals exploration projects in Norway, which include nickel, cobalt and copper.
Stellantis' Chief Purchasing and Supply Chain Officer Maxime Picat said the world's third largest carmaker by sales was on an "aggressive path" to securing raw materials needed to meet its electrification targets.
"With Kuniko, we are adding another lever to support our European battery needs with a local and environmentally conscious solution from its Norwegian projects," he said.
The completion of the offtake agreement and of the share subscription with Kuniko are subject to conditions, including regulatory approvals, the two companies said.
Persons:
Stellantis, Maxime Picat, McEwen, Giulio Piovaccari, Gavin Jones
Organizations:
MILAN, Purchasing, Fiat Chrysler, Peugeot, PSA, Vulcan Energy, Resources, Thomson
Locations:
Australia, Franco, Italian, Norway