Automaker Stellantis signs battery metals offtake deal with Australia’s Kuniko
By Himanshi Akhand and Rishav Chatterjee
(Reuters) – Australia’s Kuniko said on Monday it had signed an offtake and equity investment agreement with automaker Stellantis to support the development of its Norwegian battery metals projects.
Stellantis would invest 5 million euros ($5.45 million) at an issue price of A$0.467 per share in the battery metals miner in return for a near 20% stake, Kuniko said.
Kuniko shares rose as much as 58.1% to A$0.680, their highest level since Oct. 31.
Under the deal, announced by Stellantis on Friday, the carmaker will also get 35% of the nickel sulphate and cobalt sulphate produced from Kuniko’s Norway exploration projects for nine years.
![Automaker Stellantis signs battery metals offtake deal with Australia's Kuniko](https://4imag.com/wp-content/uploads/2023/07/2023-07-03T025709Z_2_LYNXMPEJ6106W_RTROPTP_4_STELLANTIS-VENTURE-1024x683.jpg)
The funds from the Stellantis’ equity investment will be used to advance Kuniko’s brownfield and greenfield battery metals exploration projects in Norway, the company said.
($1 = 0.9168 euros)