China’s CATL has reportedly bought a 90% controlling stake in a Canadian lithium firm— to shore up supplies of the key raw material for its expanding global battery business.
Contemporary Amperex Technology (CATL) acquired 36.6 million shares of North American Lithium from Jilin Jien Nickel Industry, according to the China Daily.
The paper said the deal was made through CATL’s Canadian subsidiary.
Jilin Jien, which purchased the lithium company in 2016 out of bankruptcy, said “it can no longer afford to fund the lithium project”, the China Daily said.
CATL and North American did not comment on the lithium acquisition— which comes after reports emerged last year of a deal between CATL, Swiss mining giant Glencore and German car maker Volkswagen, related to securing supplies of materials for electric vehicle battery production.
The Canada deal is the latest expansionist move by CATL beyond China, after BBB reported earlier this month the Fujian province-based battery firm is said to be on the lookout for a site in Europe to manufacture lithium-ion batteries for the electric vehicle market.
