Automotive giant BMW has transferred $15-million to ECM Lithium, a subsidiary of Nasdaq-listed Critical Metals Corp (CRML) for the offtake of battery-grade lithium hydroxide from the Wolfsberg lithium project, in Austria.
“This is a huge milestone for the Wolfsberg project, which now paves the way for the next financing steps,” said European Lithium chairperson Tony Sage.
ASX-listed European Lithium holds about 83% of Critical Metals. Sage is also the CEO and executive chairperson of CRML.
“We are pleased to move our partnership with BMW forward and look forward to supporting the production of their electric vehicles in Europe in the years to come, contributing to a more sustainable and domestic battery supply chain.”
The Wolfsberg project is the first fully permitted lithium mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market.