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Stellantis invests $90 million in Argentina Lithium & Energy Corp subsidiary

EditorRachael Rajan
Published 2023-10-05, 03:16 p/m
© Reuters.
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Stellantis N.V. (NYSE:STLA) has made a significant investment of $90 million in Argentina Litio y Energia S.A., a subsidiary of Argentina Lithium & Energy Corp., a member of the Grosso Group. The investment was confirmed by Nikolaos Cacos, CEO of Argentina Lithium, on Thursday.

The deal involves an "Exchange Right" that allows Stellantis to swap its subsidiary shares for up to 19.9% of Argentina Lithium's outstanding common shares in the future. This strategic move is aimed at addressing the increasing global demand for lithium, particularly from the electric vehicle battery sector.

The funds will be used to advance Argentina Lithium's project development and corporate activities through its wholly owned subsidiary in Argentina. Following the transaction, Stellantis and Argentina Lithium will hold 19.9% and 80.1% of the shares of Argentina Litio y Energia S.A., respectively.

Cacos also highlighted forward-looking statements about the company's future prospects when he approved this release for TSX Venture Exchange.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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