Volkswagen Acquires 9.9% Stake in Canadian Lithium Company Patriot

Volkswagen has announced a $48 million investment in Canadian lithium company Patriot Battery Metals to secure lithium raw material supply from North America. The German automotive giant stated that it would acquire a 9.9% stake in Patriot Battery Metals. The agreement also includes a binding commitment to supply Volkswagen with 100,000 tons of spodumene concentrate annually for 10 years, starting as soon as the Shaakichiuwaanaan Project in Quebec begins production. The project, currently under development, is intended to provide supplies to Volkswagen's battery company PowerCo in Europe and North America. Volkswagen also indicated that it would explore opportunities for further development of the Quebec project and potential collaborations, such as a lithium conversion facility, with PowerCo and Patriot Battery Metals.