05:52:12 EST Fri 03 Feb 2023
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Rock Tech Lithium Inc (2)
Symbol RCK
Shares Issued 84,463,803
Close 2022-10-20 C$ 3.73
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Globe says Rock Tech signs ambitious German supply deal

2022-10-21 08:33 ET - In the News

The Globe and Mail reports in its Friday edition that Germany's Mercedes-Benz and German-Canadian company Rock Tech Lithium have signed an agreement for the future supply of lithium hydroxide, the key input material for electric car batteries. The Globe's Claudia Scholz writes that Vancouver-based Rock Tech is committed to supplying Mercedes's battery suppliers with 10,000 tonnes of the material annually starting in 2026. Some of the lithium ore will come from Canada. The annual supply volume could be sufficient to supply around 150,000 electric vehicles with high-performance batteries. Rock Tech's lithium hydroxide will play a key role in securing the lithium supply for Mercedes's battery production in Europe. Mercedes plans to go fully electric by the end of the decade. From 2025, the manufacturer plans to offer all drive systems exclusively for battery-electric vehicles. The strategic partnership is planned for at least five years. Rock Tech Lithium estimates the sales volume of the purchase agreement at almost $2-billion. So far, no construction permits have been issued for either the converter in Germany or the mine in Canada. Rock Tech also still needs to find investors for the costly construction projects.

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