On June 6, European Lithium announced that BMW had transferred US$15 million to ECM Lithium AT GmbH (ECM), a wholly owned subsidiary of Critical Metals Corp controlled by European Lithium. The transaction is related to an offtake agreement for battery-grade lithium hydroxide from the Wolfsberg Lithium Project in Europe. It will be offset against future lithium hydroxide supplied to BMW.
Under a binding long-term offtake agreement, ECM granted BMW the first right to purchase 100% of lithium hydroxide produced at Wolfsberg. Supply is set to start in 2026, continuing for six years, with an option to extend for three additional years. Pricing will follow market spot prices with a discount. The agreement covers approximately 50,000 metric tonnes of lithium hydroxide, which is crucial for European Lithium's project development.
Author: Hongqiu Su | Battery Metals Analyst Associate | London Office, Shanghai Metals Market
Email: lilysu@smm.cn
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