[ad_1]
General Motors Co.
GM,
announced Monday a supply agreement with Australia-based Element 25 Ltd.
E25,
in which Element 25 will supply up to 32,500 metric tons of manganese sulfate a year. The manganese sulfate will support GM’s production of more than a million electric vehicles in North America. As part of the agreement, GM will provide Element 25 with a $85 million loan to help build a new facility in Louisiana that produces battery-grade manganese sulfate starting in 2025. “GM is scaling EV production in North America well past 1 million units annually and our direct investments in battery raw materials, processing and components for EVs are providing certainty of supply, favorable commercial terms and thousands of new jobs, especially in the U.S., Canada and free trade agreement countries like Australia,” said Doug Parks, executive vice president of global product development, purchasing and supply chain at GM. GM’s stock, which edged up 0.1% in premarket trading, has tacked on 7.3% over the past three months through Thursday, while the S&P 500
SPX,
has advanced 9.5%.
[ad_2]
Source link
