Samsung SDI, Samsung's battery manufacturing arm, has invested in a Canadian nickel mining firm. The company has signed a deal to invest in Canada Nickel, which would help Samsung SDI acquire the critical materials required to manufacture rechargeable batteries.
Samsung SDI is trying to secure electric car battery material in North America
The Canadian firm announced yesterday that Samsung SDI will acquire an 8.7% stake in Canada Nickel by investing $18.5 million. Under this deal, Samsung SDI will also secure a 10% nickel-cobalt production from Canada Nickel's Crawford project based in Ontario. Moreover, the South Korean firm will also get the rights to 20% of the output for 15 years, which is extendable through mutual agreements between the firms.
Samsung SDI has been trying to move its battery production plants to North America and is making moves to secure materials required for rechargeable battery production. The company made huge deals with Stellantis to make battery plants in the US for electric vehicles. The two companies have started building their second battery plant in the US.
Canada Nickel chief executive Mark Selby said that a major mining company could buy out the firm after the investment from Samsung SDI. Canada Nickel plans to build a massive open-pit nickel and cobalt mine in the Timmins-Cochrane mining camp in northeastern Ontario. Materials from this plant will eventually be supplied to make batteries for electric vehicles.
Have a look at Samsung's Micro LED TV in our hands-on video from CES 2024.
