French automaker Renault and German-Australian energy start-up Vulcan have signed a multi-year deal to supply the carmaker with 6,000-17,000mt of lithium per year.
The carmaker has indicated that the agreement complements its demand for the battery metal as it transitions most of its line-up into electric vehicles (EVs).
Renault wants to convert 90pc of its models into EVs by 2030 and has therefore partnered with Vulcan for its carbon-neutral manufacturing process, noted media reports in early August this year.
Vulcan plans to invest €1.7bn ($2bn) for geothermal lithium extraction units at undisclosed locations. The start-up is looking at starting operations by 2024.