Stellantis, GME Resources sign contract for nickel and cobalt

The two companies said that they have signed a non-binding preliminary agreement with GME Resources to secure supplies of nickel and cobalt sulphate for electric vehicle (EV) batteries.

The deal marks a further move by the world’s fourth largest carmaker to lock down supplies of metals needed for batteries that power EV cars, ahead of an expected surge in global demand as a transition towards cleaner mobility gains traction.

Earlier this year, the Franco-Italian group signed a lithium supply agreement with developer Vulcan Energy Resources and said it would invest 50 million euros ($48.6 million)to buy an 8 percent stake in it.