Stellantis Signs Supply Deal With Kuniko for Low Carbon Nickel & Cobalt Sulphate

Stellantis N.V. and Kuniko Ltd have announced the signing of a binding agreement securing a 35% future production offtake of nickel sulphate and cobalt sulphate from Kuniko’s Norwegian exploration projects for a term of nine years. In addition, Stellantis agreed to purchase €5.0 million in new equity in Kuniko, giving it a 19.99% shareholding on completion.

Funds from the equity purchase will be applied to advance Kuniko’s battery metals exploration projects in Norway which include nickel, cobalt and copper.

These metals are vital for the development of batteries for electric vehicles.

Kuniko is a European focused battery minerals explorer and exploration project developer, targeting metals for electromobility.

Its operations in Norway and Canada are powered by 98% renewable energy.

Stellantis Chief Purchasing and Supply Chain Officer, Maxime Picat, says: “We are on an aggressive path to securing a holistic portfolio of raw materials needed to meet our Dare Forward 2030 electrification targets. With Kuniko, we are adding another lever to support our European battery needs with a local and environmentally conscious solution from its Norwegian projects.”

“This strategic partnership with Stellantis promotes sustainable European battery value chain solutions and validates the potential of our battery metals project portfolio in Norway,” adds Antony Beckmand, Kuniko CEO. “Together with Stellantis, we eagerly anticipate working hand in hand to achieve exploration success, move towards production, and make meaningful contributions to the growth and advancement of the European battery industry.”

Stellantis plans to reach a 100% passenger car battery electric vehicle (BEV) sales mix in Europe and a 50% passenger car and light-duty truck BEV sales mix in the US by 2030.