© Reuters. FILE PHOTO: The brand new GM brand is seen on the facade of the Basic Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Image taken March 16, 2021. REUTERS/Rebecca Cook dinner/File Photograph
WASHINGTON (Reuters) – Basic Motors Co (NYSE:) stated on Tuesday it should make investments as much as $69 million and take an fairness stake in Queensland Pacific Metals to safe a brand new supply of nickel and cobalt for battery cells to be used within the U.S. automaker’s autos.
GM stated the funding will assist assist electric-vehicle eligibility for client incentives beneath new, clear vitality U.S. tax credit. GM stated the nickel laterite ore is predicted to be processed utilizing a brand new, proprietary course of that helps scale back waste. Below a legislation handed in August, automakers should supply battery minerals from nations with free commerce agreements so as to qualify for the U.S. client EV tax credit.
The GM funding is to help within the growth of its proposed Townsville Vitality Chemical substances Hub (TECH) Mission in Northern Australia. Excessive-grade nickel laterite ore can be imported from close by New Caledonia, GM stated.
Originally published at Gold Coast News HQ
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