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Stellantis also agreed to buy new shares in Kuniko worth €5 million ($5.4 million), giving it a 19.99% stake in the company and the power to appoint one board member, they added.
Maxime Picat, chief purchasing and supply chain officer of Stellantis, expressed that the company is actively pursuing an assertive approach and is on an “aggressive path” to secure the necessary raw materials for achieving its electrification objectives.
“With Kuniko, we are adding another lever to support our European battery needs with a local and environmentally conscious solution from its Norwegian projects,” he said.
The completion of the offtake agreement and of the share subscription with Kuniko are subject to conditions, including regulatory approvals, the two companies said.
Shares of STLA are up 0.49% in morning trading on Friday.
