Patriot Battery Metals Rises on C$69M Investment, Partnership With Volkswagen

Dow Jones12-19

By Adriano Marchese

Patriot Battery Metals shares rose after the company said it has formed a supply partnership with from German car maker Volkswagen that includes a 69 million Canadian dollar ($48.2 million) investment.

Shares rose over 35% to C$3.59 on Wednesday.

The Vancouver, British Columbia-based lithium producer said Volkswagen will receive 15.6 million shares for its investment, equating to a stake of 9.9%.

The new cash infusion will lighten the fundraising load going into the future, according to National Bank of Canada's Mohamed Sidibe. "This investment further buffers the current cash balance of C$70 million and pushes out and reduces the need for financing for corporate needs from C$70 million in next year's third quarter in our model to C$15 million in the third quarter of 2026," he said in a report.

The investment represents a support for future project financing once the final investment decision is made, he added, with the possibility of Volkswagen participating in the funding of the project.

As part of the agreement, Patriot Battery agreed to supply Volkswagen 100,000 metric tons of spodumene concentrate per year over the next 10 years.

This offtake is expected to supply Volkswagen's battery manufacturer PowerCo's cell production activities in Europe and North America, including its battery cell factory in St. Thomas, Canada.

The two have also outlined the possibilities of exploring other collaborations, such as a sustainable battery supply chain and other strategic objectives.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 18, 2024 14:18 ET (19:18 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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