European Lithium partners with BMW AG to supply battery grade lithium hydroxide

European Lithium Limited (ASX: EUR) announced that it had entered into a memorandum of understanding to supply its battery grade Lithium Hydroxide to BMW AG. Under the memorandum of understanding, both companies will work together to discuss the commercial terms for BMW AG to buy the LiOH produced by European Lithium Limited.

Under the MoU, BMW AG will pay US$15 million, which will be repaid via equal set-offs against battery grade Lithium Hydroxide delivered to BMW AG. Funds received from BMW AG will be used to accelerate the development of the Wolfsberg Project, including the construction stage and further development towards the implementation of the Wolfsberg Project.

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