Stellantis invests $100M in CTR to develop U.S. geothermal lithium production

Stellantis and Controlled Thermal Resources, or CTR, announced a major investment of over $100M from Stellantis to advance the development of CTR’s Hell’s Kitchen project, the world’s largest geothermal lithium project with a total resource capacity to produce up to 300,000 metric tons of lithium carbonate equivalent each year. Lithium produced at Hell’s Kitchen will support Stellantis vehicles’ BEV eligibility for consumer incentives under the U.S. Inflation Reduction Act. Additionally, the companies expanded the initial supply agreement, which now calls for CTR to supply up to 65,000 metric tons of battery-grade lithium hydroxide monohydrate each year over a 10-year contract term. This new agreement incorporates the original lithium supply agreement signed by both companies in June 2022 for up to 25,000 metric tons of LHM per year. Stellantis is on track to become a carbon net zero corporation by 2038, all scopes included, with single-digit percentage compensation of remaining emissions. CTR is scheduled to commence battery-grade lithium hydroxide monohydrate supply for Stellantis in 2027. The company expects to create 480 construction jobs through comprehensive project labor agreements and upward of 940 direct project jobs when the resource is fully developed.