Alliance Nickel (ASX:AXN) gets investment from EV car company

Alliance Nickel (ASX:AXN) has entered into a binding offtake and share subscription agreement with Stellantis for future offtake from the NiWest Nickel Cobalt Project in Western Australia.

Stellantis is the company behind several well-known brands including Peugeot, Jeep, Crysler, Masarati and Dodge. 

Alliance will supply approximately 170,000 tons of nickel sulphate and 12,000 tons of cobalt sulphate over an initial five-year period.

Stellantis will invest $15 million for an 11.5% shareholding in Alliance and the right to nominate one director to the Alliance Board.

The partnership strengthens Stellantis' electric vehicle battery production value chain and supports the NiWest Definitive Feasibility Study and future project funding and development.