Piedmont Lithium Tesla Supply Deal
Piedmont Lithium Tesla Supply Deal

Piedmont Lithium Strikes New Tesla Supply Deal

Piedmont Lithium Tesla Supply Deal: According to an amendment to their supply agreement, spodumene concentrate will now be provided to Tesla Inc. by Piedmont Lithium Inc. through 2025.

Lithium-containing spodumene is crucial in creating lithium-ion batteries for electric vehicles.

An option to extend the agreement with Tesla for an additional three years is included. According to the agreement, Piedmont will start providing Tesla with deliveries of spodumene concentrate, also known as SC6, in the second half of 2023 and continue through the end of 2025.

Throughout the agreement, pricing will be decided using a formula-based mechanism connected to average market prices for lithium hydroxide monohydrate. According to the firm, Piedmont will be charged according to market rates at the time of each shipment.

Piedmont stated that it anticipates obtaining SC6 from the Quebec-based North American Lithium Project.

“This agreement helps to ensure that these critical resources from Quebec remain in North America and support the mission of the Inflation Reduction Act to bolster the U.S. supply chain, the clean energy economy, and global decarbonization,” Piedmont Lithium Chief Executive Keith Phillips said.

Piedmont Lithium shares increased by approximately 7% in premarket trading to $47.03.

About Calvin Croley 2023 Articles
Calvin Croley holds Master’s degree in Business Administration. As an avid day trader, Calvin is a master of technical analysis and writes tirelessly on how stocks are trading. He has extensive knowledge in technical analysis & news writing. Calvin delivers reports regarding news category.Email: [email protected]Address: 654 East 10th Street, Bakersfield, CA 93307 USA

Leave a Reply

Your email address will not be published.