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(Reuters) - Stellantis, the world s fourth-largest automaker with brands that include Jeep and Peugeot, has signed memorandums of understanding for lithium supply with geothermal brine projects in California and Germany, according to two sources.
Automakers across the globe have been jockeying for access to lithium, a key ingredient used to make electric vehicle (EV) batteries. They also want the metal to be produced with as little carbon footprint as possible.
Stellantis said this week it plans to invest more than 30 billion euros ($35.54 billion) through 2025 on electrifying its vehicle lineup.
The agreements are with privately held Controlled Thermal Resources (CTR) Ltd, which operates in California s Salton Sea about 160 miles (258 km) southeast of Los Angeles, and Vulcan Energy Resources Ltd, which operates in Germany s Black Forest area of southwestern Germany, according to the sources.
Stellantis in lithium supply deals with California, German firms -sources
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Stellantis in lithium supply deals with California, German firms -sources
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Stellantis in lithium supply deals with California, German firms
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Aaron Teboneras has been a Motley Fool contributor since early August 2020. After graduating from RMIT University with a Business degree, Aaron spent most of his years either travelling or working in various industries. Aaron’s most notable appointments include National Australia Bank, and Computershare where he discovered his passion for the Australian sharemarket. Outside of researching and writing for Motley Fool, Aaron enjoys trekking on adventures across the world and learning new life skills.
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