PowerCo completed the acquisition of a 9.9% stake in Patriot Battery Metals for $48m.

PowerCo, Volkswagen Group’s battery company, completed the acquisition of a 9.9% stake in Patriot Battery Metals, an exploration company focused on the acquisition & development of mineral projects containing battery, base & precious metals, for $48m. “This is the next step in PowerCo’s mission to become a global battery player with roots in Europe and North America. By building a North American supply chain for EV batteries together with partners, we are strengthening our footprint in the region and driving forward the development of a resilient, sustainable battery industry. We are very pleased to have found such a partner in Patriot Battery Metals and to support the team in becoming one of the global lithium leaders and key supplier of lithium raw materials to the emerging North American and European EV ecosystem,“ Jörg Teichmann, PowerCo Chief Procurement Officer.