Volkswagen and PowerCo partner with Patriot Battery Metals

Volkswagen has announced that it has formed a strategic partnership with PowerCo - a battery company backed by the Group - and Patriot Battery Metals to secure the long-term supply for lithium raw materials from North America.

Having invested US$48 million to acquire 9.9% of Patriot's issued and outstanding common shares, this will cover the supply of 100,000-tonnes of spodumene concentrate (crucial to the production of battery-grade lithium chemicals) per year for a period of 10 years as soon as the Shaakichiuwaanaan Project starts production.

The strategic partnership also involves PowerCo and Patriot working together to establish an industry-best practice for ESG standards across all of their joint activities, including waste disposal measures and water management, among others. Both companies will also look to collaboration opportunities for a sustainable, cost-competitive and ESG-compliant battery-grade lithium chemicals supply chain model.