Vulcan Energy (ASX:VUL) wins Volkswagen deal to supply lithium for EVs

Gina Rinehart-backed Vulcan Energy (ASX:VUL) inked a deal with auto giant Volkswagen to supply at least 34,000 tonnes of battery grade lithium for five years.

Volkswagen Group and Vulcan have also agreed to a first right of refusal to invest in additional capacity in the Zero Carbon Lithium™ Project. Underpinning the handshake included a successful kick off on commercial operation and full product qualification
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They key ingredient in batteries for electric vehicles, lithium is slated for delivery for 2026 with pricing to be based on market prices or on a take-or-pay basis.

The move comes as the Volkswagen Group focuses on reducing greenhouse gas emissions over the life span of its vehicles.

Shares in Vulcan Energy (ASX:VUL) is skyrocketing by 18.3 per cent at $11.50.