Volkswagen

Volkswagen’s PowerCo SE has partnered with Patriot Battery Metals in a CAD $65 million deal marking VW’s entry into the lithium supply chain.

The agreement grants PowerCo a 9.9% stake in Patriot and a 10-year offtake for 100,000 tonnes of spodumene concentrate annually from the Shaakichiuwaanaan Lithium Project. This aligns with PowerCo’s goal to vertically integrate battery production and support its St. Thomas, Ontario, gigafactory.

Both companies emphasize ESG compliance, First Nations engagement, and sustainable lithium chemical production, ensuring environmental stewardship. This partnership strengthens North America’s role in the electric vehicle ecosystem and PowerCo’s global battery ambitions.

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Volkswagen’s Chief Financial Officer Arno Antlitz issued a stark warning this week, stating the company has “one, maybe two years to turn the tide.” Amidst financial pressures, VW dissolved a 30-year job protection agreement in Germany and is considering closing plants. However, Canada’s St. Thomas battery gigafactory remains on track for a 2027 opening.

Experts like Brendan Sweeney from Western University note VW’s North American operations may not face immediate changes, but challenges persist globally as the automaker contends with European competition and U.S. policy uncertainties. VW’s Canadian deal hinges on subsidies and cheap electricity.

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