Australia’s European Lithium Ltd (EUR) has signed its first ever offtake agreement, teaming up with automotive powerhouse BMW AG to supply lithium hydroxide from the Wolfsberg Lithium Project, in Austria.
Under a non-binding memorandum of understanding, the lithium stock is poised to exclusively supply its battery-grade lithium hydroxide to the multinational luxury vehicle manufacturer.
This means BMW will have the first right to purchase 100% of the lithium hydroxide produced from EUR’s battery-grade assets, such as its flagship Wolfsberg Lithium Project.
In an announcement today, EUR chair Tony Sage said the maiden offtake agreement was another key milestone and that BMW was “an ideal fit” for the company. It is significant in that a major car manufacturer recognises the value of miners in the EV transition supply chain.
The partnership with BMW allows EUR to focus on the final development stages and implement the Wolfsberg project while it builds a portfolio of prospective battery metal projects across the continent.