Rock Tech Lithium Shares Rise 14% On Lithium Hydroxide Agreement with Mercedes-Benz Group
August 23 2022 - 4:33PM
Dow Jones News
By Denny Jacob
Rock Tech Lithium Inc. shares rose 14% to $4.02 in late trading
Tuesday after the company said it and Mercedes-Benz Group AG
entered into agreement in which the former will produce lithium
hydroxide for the latter and its battery suppliers.
The lithium chemical technology company has agreed to deliver up
to 10,000 metric tons a year of its planned production to the
automaker and its partners starting in 2026. The partnership will
last for at least five years and there is an option to extend the
partnership.
"We intend to provide Mercedes-Benz not only with high-quality
lithium hydroxide, but also to establish a strategic partnership
that is expected to set new standards in sustainable supply
chains," Rock Tech Chief Executive Markus Bruegmann said.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
August 23, 2022 16:18 ET (20:18 GMT)
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