Volkswagen Group PowerCo signs major agreement with Canada's Patriot Battery Metals

Volkswagen Group's battery division PowerCo has entered into a major offtake agreement with Canadian Patriot Battery Metals and invested C$69 million (approximately US$48 million) in it. This move will further strengthen PowerCo's supply chain. Patriot Battery Metals is a mining company developing lithium mining projects in northern Quebec. The investment enabled PowerCo to acquire a 9.9% stake in Patriot Battery Metals. In addition, the two parties have signed a supply agreement stipulating that Patriot Battery Metals will provide PowerCo with 100,000 tons of lithium-rich alumina concentrate over the next ten years.