Volkswagen invests USD48m in Canadian battery metals company
By Bradley Osborne - 21st January 2025
Patriot Battery Metals site in Eeyou Istchee James Bay, Quebec
Germany / Canada – Volkswagen Group of Wolfsburg, Lower Saxony, Germany – the parent of Traton SE – has announced a strategic investment in Patriot Battery Metals Inc of Vancouver, British Columbia, Canada, which has agreed to supply raw materials to Volkswagen’s battery subsidiary PowerCo SE of Salzgitter.
Volkswagen has purchased 9.9% of the issued and outstanding common shares in Patriot Battery Metals for a sum of USD48m. Moreover, the group has signed a memorandum of understanding with the Canadian firm, agreeing to offtake 100,000 tonnes of spodumene concentrate per year over a ten-year term. Spodumene is a lithium-bearing mineral which will be used by PowerCo to produce battery cells at its European and North American plants.
