Hyperdrive
Tesla Strikes Lithium Deal From Plant That's Not Yet Built
- Kidman Resources to supply material for initial three years
- Pact shows scramble in EV sector to secure materials: analyst
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Tesla Inc. struck a lithium hydroxide supply deal with a junior Australian miner that won’t start production until next decade, underlining the scramble for the raw materials needed to meet forecast demand for electric vehicles.
Kidman Resources Ltd. will supply Tesla from a planned refinery in Western Australia for an initial term of three years, the Melbourne-based company said Thursday, without disclosing financial terms. The fixed-price agreement also contains options for a couple of three-year extensions.