GM wants a piece of Vale’s base metal spinoff, Tesla’s nickel supplier
General Motors (GM) has advanced to the next round of bidding for a stake in Brazilian mining company Vale’s base metals spinoff.
According to a new report from Bloomberg, GM is in serious discussions with the mining giant for a minority stake in its newly established business.
Vale is the largest producer of Iron Ore and Nickel, with contracts to supply OEMs like Tesla, Northvolt, and GM. However, as the transition toward zero-emission electric vehicles accelerates, Vale wants to take advantage of the growth.
Vale sits on a gold mine of resources used for electric vehicle batteries, including Nickel and Copper. The mining company has been debating different strategic strategies to unlock the value behind its base metals business.
Its primary Iron Ore business is very different than the base metals division. Base metals are a growth opportunity, with a 50% increase in Nickel demand and a 29% growth in Copper demand per year (between EV and renewables growth) by 2030, according to the miner.
During Vale Day 2022, hosted in December, management said the base metals business has “a lot of good value propositions” but needs a change in how it’s managed, specifically with a board.
Vale said it was in advanced talks with potential “high profile” partners, those with “deep EV transition experience,” and looked to finalize a deal by the first half of 2023.
Sources familiar with the matter told Bloomberg GM has advanced to the next round of bidding for a stake in Vale’s base metals business.
GM is among other major organizations, such as Saudi Arabia’s Public Investment Fund and Mitsui & Co., looking for a piece of the nickel and copper business.
The news comes shortly after GM announced it would be making an equity investment of up to $650 million in Lithium Americas to help establish the most extensive known lithium source in the US as it enters stage two of its EV rollout, according to the automaker.
The project is expected to support the production of one million EVs annually with production slated to begin in early 2026.
Electrek’s Take
GM is building out its EV supply chain to support future production. With three commited battery cell plants (and a potential fourth), a massive lithium investment, and a potential stake in Vale’s base metals business, GM is clearly looking to establish a vertical supply chain to give itself a path to hit its goal of selling one million EVs by 2025.
Although the deal is not finalized, it gives you a good idea of what GMs future business plans. We’ll update you on the situation as it progresses.
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Environment
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Global renewable developer and energy giant RWE has halted its US offshore wind operations “for the time being” because of the “political environment” the Trump administration has created.
RWE, Germany’s biggest electricity producer, said in March that it had dialed back its US offshore wind activities. But now, CEO Marcus Krebber said in a speech transcript, which he’ll deliver at the company’s Annual General Meeting in Essen on April 30, that its US offshore wind business is now closed (but it wasn’t all bad news):
In the US, where we have stopped our offshore activities for the time being, our business in onshore wind, solar energy, and battery storage has so far been developing very dynamically. At the start of this year, we reached an important milestone when our US generation capacity hit the 10 gigawatt mark. The construction of a further 4 gigawatts is secured.
He went on to say that renewables have created regional value and jobs, but that the company remains “cautious given the political developments.” RWE has introduced more stringent requirements for future US investments:
All necessary federal permits must be in place. Tax credits must be safe harbored and all relevant tariff risks mitigated. In addition, onshore wind and solar projects must have secured offtake at the time of the investment decision. Only if these conditions are met will further investments be possible, given the political environment.
About half of RWE’s installed renewable capacity is in the US, where it’s the third-largest renewable energy company through its subsidiary, RWE Clean Energy. RWE holds the rights to develop US offshore wind projects in New York, Louisiana, and California.
RWE paid $1.1 billion for the New York lease area in 2022, where it’s meant to develop the 3 gigawatt (GW) Community Offshore Wind with the UK’s National Grid. Community Offshore Wind was projected to come online in the early 2030s and expected to power more than a million homes.
The developer paid $5.6 billion for the Louisiana lease in the Gulf of Mexico in 2023 as the lone bidder for development rights, and the Canopy Offshore Wind project off Northern California was not expected to be completed for another decade.
Read more: Trump admin halts $5 billion NY offshore wind project mid-build
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