Benedikt Sobotka said that the surging price of the metal, which rose by 119% in 2021, was giving a very clear message: the market is severely short of cobalt, a key ingredient in the batteries that power EVs.

Persistent hikes in raw material costs have been weighing on automakers for a while now.

Vulcan, which aims to produce lithium hydroxide from Germany's Upper Rhine Valley, has already inked supply deals with Volkswagen and Stellantis among others.

Global EV sales were on track to hit 6.3 million units in 2021—nearly double the total of 2020.

The convincing debut sets the stage for what analysts expect to be another bumper year for Korean initial public offerings (IPO).