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Northvolt Startup Signs 5-Year Lithium Supply Deal
Swedish battery startup Northvolt AB plans to buy at least 3,500 metric tons of lithium hydroxide per year from Canada’s Nemaska Lithium Inc.
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Swedish battery startup Northvolt AB has reached a five-year deal in principle to buy at least 3,500 metric tons of lithium hydroxide per year from Canada’s Nemaska Lithium Inc.
Nemaska Lithium says the agreement will begin when Northvolt opens a planned €4.7 billion battery making factory in Skelleftea, Sweden, in 2023. The factory eventually will have annual capacity to produce 32 gigawatt-hours of energy capacity, or enough to power about 450,000 EVs.
The deal requires Northvolt to deliver a €10 million promissory note to Nemaska. The supplier will have the option of converting the note into voting shares of Northvolt or redeeming it on a cost-plus basis. Northvolt will have the ability to purchase as much as 5,000 metric tons of lithium per year under the pact.
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