Automaker Stellantis signs battery metals offtake deal with Australia's Kuniko


FILE PHOTO: The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, February 23, 2022. REUTERS/Gonzalo Fuentes/File Photo

(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.

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)

(Reporting by Himanshi Akhand and Rishav Chatterjee in Bengaluru; Editing by Rashmi Aich and Krishna Chandra Eluri)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

A very ChatGPT Christmas: Savvy Black Friday shoppers use AI to find deals
Telefonica Germany tests quantum technologies in pilot with AWS
Google seeks to undo Epic Games antitrust win over app store
UN slams 'stubborn digital divides' keeping 1 in 3 offline
Interpol clamps down on cybercrime and arrests over 1,000 suspects in Africa
Brazil's top court takes on regulation of social media
Forget the Instagram hard launch: Are you location-sharing official?
Trump has dinner with Mark Zuckerberg at Mar-a-Lago
Bluesky says it will comply with EU rules after being called out
Amazon develops video AI model, The Information reports

Others Also Read