(CercleFinance.com) – Stellantis announced on Thursday that it would invest more than $100 million in the development of a geothermal lithium project led by the start-up CTR in California.
The ‘Hell’s Kitchen’ project launched by Controlled Thermal Resources Holdings Inc. (CTR) aims for a total production of 300,000 tonnes per year of lithium carbonate equivalent.
This lithium should allow Stellantis electric vehicles to be eligible for consumer bonuses under the US Inflation Reduction Act (IRA).
In addition, the two companies have extended the initial supply contract, which now provides for the production by CTR of 65,000 tons of lithium hydroxide monohydrate (LHM) per year for the manufacture of batteries, during the 10 years of the agreement. .
This new agreement incorporates the original lithium supply agreement signed by the two companies in June 2022, for the supply of 25,000 tons of LHM per year.
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