Monitoring Desk
ISLAMABAD/BERLIN: Australia’s graphite developer Magnis Energy said on Tuesday it signed a binding offtake deal with American automaker Tesla Inc to supply battery anode materials for a minimum three-year term beginning February 2025.
The deal comes in the automakers’ race to secure the supply of critical minerals as the globe shifts to decarbonise and diversify global supply chains away from China, the most significant international producer of electric vehicle batteries.
Australia is beefing up its supply of critical minerals to the world auto industry, with BHP group Syrah Resources, Liontown Resources, and Piedmont Lithium agreeing to supply these minerals to Tesla.
Supply to Tesla
The company said it would supply Tesla a minimum of 17,500 terapascal of active anode material (AAM), used in making lithium-ion batteries, going to up to 35,000 terapascal, from the facility in the United States (U.S) yet to be built.
Magnis aims to secure a final location for its commercial AAM facility in the U.S. by June 30 and commence production by February 2025.
