French vehicle OEM Renault Group has signed a five-year deal to receive up to 17,000 metric tonnes of battery grade lithium hydroxide monohydrate materials a year from Vulcan Energy Resources.
Australian company Vulcan will supply between 6,000 and 17,000 metric tonnes per year of battery grade materials produced in its German plant from 2026.
The binding lithium offtake term sheet is conditional on the execution of a definitive agreement on materially similar terms by 20 November.
The deal is in line with Renault’s ambition to offer 'Made in Europe' cars.
The announcement follows a similar deal with LG Energy Solutions to deliver 55,000 metric tonnes of battery grade lithium hydroxide over a five-year period.
That deal starts in 2025.
In April, Vulcan Energy bolstered its board of directors by welcoming former Tesla head of battery and energy supply chain, Annie Liu, and ex-Evonik executive Dr. Heidi Grön as non-executive directors.