According to Albemarle, this agreement is “one of the company’s largest ever globally and is of significant volume and value.” In addition to supplying BMW with lithium hydroxide, the two companies want to partner on technology for safer and more energy dense lithium-ion batteries.

“Albemarle is committed to building a more resilient world,” said Eric Norris, president of Albemarle Energy Storage. “We welcome the opportunity to work alongside the BMW Group to further enable the clean energy transition,” Norris added.

This is the second supply agreement between the companies, but the first to include a shared interest in research opportunities to accelerate lithium battery innovations.