Under the agreement, Terrafame will supply nickel sulfate to Stellantis in the five years from 2025, marking another step by the automotive group toward its electrification strategy.

"This agreement is part of the strategy of sourcing essential raw materials to meet our needs the production of battery packs for electric vehicles," Carlos Tavares, CEO of Stellantis, said in the group's note, recalling the goal of zero net emissions by 2038.

Stellantis' Dare Forward 2030 strategic plan is to achieve 100 percent of its sales mix with battery electric cars (BEVs) in Europe and 50 percent with BEV cars and light commercial vehicles in the United States by 2030.

Stellantis plans to invest more than 30 billion euros by 2025 in electrification and software development.

Terrafame in Finland operates one of the largest EV battery chemistry plants in the world, the note says.

(Stefano Bernabei, editing Andrea Mandalà)