By Will Feuer

Compass Minerals said it has struck a multi-year deal to supply Ford Motor with battery-grade lithium carbonate as the automaker ramps up its production of electric vehicles.

Overland Park, Kan.-based Compass said it will deliver up to 40% of its planned battery-grade lithium carbonate to Ford for a five-year term once production begins. The company said the lithium carbonate will come from its Ogden, Utah, development project.

"The work we are doing with Compass Minerals is promising -- and a key part of Ford's EV growth and the diversification of our sustainable EV supply chain," said Lisa Drake, Ford's vice president of EV industrialization.

Ford is set to discuss its EV targets and its latest agreements for battery raw materials on Monday morning at an investor event.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

May 22, 2023 07:25 ET (11:25 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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