By Denny Jacob

Rock Tech Lithium Inc. shares rose 14% to $4.02 in late trading Tuesday after the company said it and Mercedes-Benz Group AG entered into agreement in which the former will produce lithium hydroxide for the latter and its battery suppliers.

The lithium chemical technology company has agreed to deliver up to 10,000 metric tons a year of its planned production to the automaker and its partners starting in 2026. The partnership will last for at least five years and there is an option to extend the partnership.

"We intend to provide Mercedes-Benz not only with high-quality lithium hydroxide, but also to establish a strategic partnership that is expected to set new standards in sustainable supply chains," Rock Tech Chief Executive Markus Bruegmann said.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 23, 2022 16:18 ET (20:18 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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