German-Australian start-up Vulcan Energy Resources Ltd said on Monday it has signed a deal to supply lithium to Renault SA, the latest move by an electric vehicle maker to lock down supply of the battery metal ahead of a projected surge in demand.
Vulcan will supply 6,000 to 17,000 tonnes of lithium annually to the French automaker from its geothermal brine deposits in Germany starting in 2026, the companies said. The five-year deal is renewable if both parties agree.Renault, with brands including Alpine and Dacia, has said it would like 90per cent of Renault models to be fully electric by 2030. The company said Vulcan's geothermal lithium production process, which has no carbon emissions, was the main appeal.
Geothermal projects typically involve extracting super-hot lithium-rich brine from underground reservoirs and using the heat to produce electricity, after which lithium is extracted from the brine.
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