Join our daily newsletter At The Bell to receive exclusive market insights
- Element 25 (E25) signs an agreement with General Motors to supply battery-grade, high-purity manganese sulphate for GM’s electric vehicle batteries
- Element will supply up to 32,500 metric tonnes of manganese sulphate to the company annually, supporting GM’s annual production of more than 1 million EVs in North America
- GM will provide Element with a loan of US$85 million (A$127 million) to partially fund the production of a new facility in Louisianna
- Element will invest approximately US$290 million (A$434 million ) to build the first-of-its-kind 230,000-square-foot facility in the US
- Shares lifted 8.33 per cent to 65 cents at 1:47 pm AEST
Element 25 (E25) has signed an agreement with car giant General Motors (GM) to supply battery grade, high-purity manganese sulphate for GM’s electric vehicle (EV) batteries.
The deal will see Element supply up to 32,500 metric tonnes of manganese sulphate annually, supporting GM’s annual production of more than 1 million EVs in North America.
Under the agreement, GM will provide Element with a loan of US$85 million (A$127 million) to partially fund the production of a new facility in Louisianna to manufacture the manganese sulphate.
At the facility, Element will produce the sulphate through manganese from its West Australian mining operations.
The company announced it would invest approximately US$290 million (A$434 million) to build the 230,000-square-foot facility in addition to loan with site preparation expected to begin in the third quarter of this year.
“Together, we are creating a resilient and sustainable North American supply chain that will help introduce millions of customers to the performance and environmental benefits of EVs,” E25 Managing Director Justin Brown said.
This is expected to be the first facility of its kind in the US and is expected to open in 2025.
“Together, we are creating a resilient and sustainable North American supply chain that will help introduce millions of customers to the performance and environmental benefits of EVs,” E25 Managing Director Justin Brown said.
E25 lifted 8.33 per cent to 65 cents at 1:47 pm AEST.
