Carmakers are working to secure supplies of materials from lithium, nickel and manganese for batteries to magnesium for car components as they race to ramp up electric vehicle production.
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.
Vulcan, which aims to produce lithium hydroxide from Germany's Upper Rhine Valley, has already inked supply deals with Volkswagen and Stellantis among others.