By Maitane Sardon

Stellantis said Thursday that it has invested $100 million in lithium resource and renewable energy company Controlled Thermal Resources Holdings to advance the development of CTR's geothermal lithium project in California.

The project, called Hell's Kitchen, has the capacity to produce up to 300,000 metric tons of lithium carbonate equivalent each year, the Netherlands-based car maker said.

Lithium produced at CTR's Hell's Kitchen will support Stellantis's fully-electric vehicles' eligibility for incentives under the U.S. Inflation Reduction Act, the company said.

The company said it has signed a new agreement with CTR for the supply of up to 65,000 metric tons of battery-grade lithium hydroxide monohydrate a year over 10 years for use in EV production.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

August 17, 2023 06:47 ET (10:47 GMT)

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