Volkswagen’s PowerCo Invests in Canadian Lithium Developer Patriot Battery Metals

On December 18, Volkswagen Group’s battery subsidiary PowerCo announced its first investment in the lithium supply chain through a strategic partnership with Canadian lithium developer Patriot Battery Metals. The collaboration secures a long-term supply of lithium raw materials essential for Volkswagen’s electric vehicle ambitions.

As part of the agreement, Volkswagen Group has invested $48 million to acquire a 9.9% stake in Patriot Battery Metals’ issued and outstanding common shares. The partnership includes a binding offtake commitment, ensuring an annual supply of 100,000 tons of lithium pyroxene concentrate for a decade once production begins at Patriot’s Shaakichiuwaanaan project in Quebec.

This investment marks a significant step for PowerCo and Volkswagen as they strengthen their position in the EV supply chain by securing critical raw materials to support growing battery production needs.