The Australian company aims to become one of the world’s lowest cost producers of lithium hydroxide, and says it is the most strategically located to serve the North American EV supply chain.

Piedmont said it will provide a further $70 million toward the Ewoyaa development capital to acquire a total 50% stake.

The Adelaide-based miner and Tesla failed to clinch a pact after nearly seven months of negotiations last year.

The factory in Quebec will eventually produce 45,000 tonnes of cathode active materials per year.

Stellantis CEO called the Controlled Thermal partnership "an important step in our care for our customers and our planet as we work to provide clean, safe and affordable mobility."

A presidential election is due on Feb. 14 and the elected candidate will be sworn into office in October next year.

The company will supply about 90% of the product from the project to BTR under the three-year agreement.