By Kim Richters

 

Vulcan Energy Resources Ltd. traded higher in Germany on Monday after the company signed a lithium supply agreement with car maker Stellantis NV.

At 0835 GMT, Frankfurt-listed shares in Vulcan Energy were up 11% at EUR7.05.

Stellantis said earlier Monday that Vulcan Energy, which is also listed on the stock exchange in Australia, will supply battery grade lithium hydroxide in Europe for the auto maker to use in electrified vehicles. The agreement will run for five years and shipments should start in 2026.

Stellantis said the deal is part of its electrification strategy, which it detailed in July and includes investments totaling more than 30 billion euros ($33.95 billion) through 2025.

Stellantis also traded higher, with shares in Milan up 1% at EUR15.72.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

November 29, 2021 04:15 ET (09:15 GMT)

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