The maker of Chrysler, Dodge, Jeep and Ram vehicles has taken a nearly 20% shareholding in a nickel and cobalt supplier in Norway as part of efforts to strengthen its electric-vehicle battery supply chain.
The binding agreement, which is subject to closing conditions and is the latest minerals agreement for Stellantis NV, secures a 35% future production offtake of the minerals from Kuniko Ltd.'s Norwegian exploration projects for nine years. The automaker is investing $5.5 million (5 million euro) in new equity, earning it the shares and rights to nominate one director to the Kuniko board. The funds will advance Kuniko's brownfield and greenfield battery metals exploration projects.
"We are on an aggressive path to securing a holistic portfolio of raw materials needed to meet our Dare Forward 2030 electrification targets," Maxime Picat, Stellantis' chief purchasing and supply chain officer, said in a statement. "With Kuniko, we are adding another lever to support our European battery needs with a local and environmentally conscious solution from its Norwegian projects."
