Mercedes-Benz announced that it has signed a supply agreement with Canada-Germany Rock Tech Lithium Inc to receive an average of 10,000 tons of battery-grade lithium hydroxide per year.
It said in a statement that the deal will allow the luxury carmaker to supply raw materials to its battery partners from 2026, which involves a qualifying period to rapidly scale up production of pure electric vehicles.
The two companies said that the size of the transaction is 1.5 billion euros (about 10.605 billion yuan) and will provide enough lithium hydroxide raw material for 150,000 cars per year. The two companies just announced not long ago that they will explore the establishment of a strategic partnership.
Markus Schaefer, a member of the Mercedes-Benz Board of Management, said: "The substantial availability of lithium directly from Rock Tech will help Mercedes-Benz advance the localization of the production of the most advanced batteries in Europe."
As part of the deal, Rock Tech Lithium plans to supply batteries to Mercedes-Benz battery partners through a converter in Guben, Germany, to help the German luxury automaker go all-electric by the end of the decade.
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