Miner and commodities trader Glencore (LSE: GLEN) has inked a preliminary deal with Norwegian battery producer FREYR to supply 3,700 tonnes of “ethically sourced” cobalt metal cut cathodes.
The cobalt, which will be produced at the Swiss company’s Nikkleverk facility in Norway, will be a core component in FREYR’s lithium-ion battery (LIB) cells to be produced at planned facilities in the town of Mo i Rana.
The supply agreement builds on a memorandum of understanding (MOU) the companies signed in December, covering joint research and development projects. That document outlined combined steps towards adopting blockchain technology, potential battery recycling, as well as collaboration on standards and traceability schemes for artisanal cobalt mining.
Glencore has also acquired an equity stake in FREYR through its business combination with special purpose acquisition company Alussa Energy (NYSE: ALUS).
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