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Stellantis invests more than $100 million in California lithium project

Stellantis said it would invest more than $100 million in California's Controlled Thermal Resources, its latest bet on the direct lithium extraction (DLE) sector amid the global hunt for new sources of the electric vehicle battery metal. The investment by the Chrysler and Jeep parent announced on Thursday comes as the green energy transition and U.S. Inflation Reduction Act have fueled concerns that supplies of lithium and other materials may fall short of strong demand forecasts. DLE technologies vary, but each aims to mechanically filter lithium from salty brine deposits and thus avoid the need for open pit mines or large evaporation ponds, the two most common but environmentally challenging ways to extract the battery metal. Stellantis, which has said half of its fleet will be electric by 2030, also agreed to nearly triple the amount of lithium it will buy from Controlled Thermal, boosting a previous order to 65,000 metric tons annually for at least 10 years, starting in 2027. "This is a significant investment and goes a long way toward developing this key project," Controlled Thermal CEO Rod Colwell said in an interview. The company plans to spend more than $1 billion to separate lithium from superhot geothermal brines extracted from beneath California's Salton Sea after flashing steam off those brines to spin turbines that will produce electricity starting next year. That renewable power is expected to cut the amount of carbon emitted during lithium production. Rival Berkshire Hathaway has struggled to produce lithium from the same area given large concentrations of silica in the brine that can form glass when cooled, clogging pipes. Colwell said a $65 million facility recently installed by Controlled Thermal can remove that silica and other unwanted metals. DLE equipment licensed from Koch Industries would then remove the lithium. "We're very happy with the equipment," he said. "We're going to deliver. There's just no doubt about it." Stellantis CEO Carlos Tavares called the Controlled Thermal partnership "an important step in our care for our customers and our planet as we work to provide clean, safe and affordable mobility." Both companies declined to provide the specific investment amount. Controlled Thermal aims to obtain final permits by October and start construction of a commercial lithium plant soon thereafter, Colwell said. Goldman Sachs is leading the search for additional debt and equity financing, he added.

Marchionne completed Fiat-Chrysler deal from a Florida beach

Sergio Marchionne is the CEO of Fiat, which as you may have heard, has finally worked up a deal to finish acquiring the Chrysler Group after months of bargaining with the United Auto Workers and its VEBA healthcare trust, which owned just over 40 percent of the American brand. Where was Marchionne when the deal was finally hammered out? Well, not tucked away in a frigid Detroit board room until the wee hours of the morning.
Nope, one of the largest deals in automotive history was reportedly hammered out on the beach - at the home of a banker, in the Florida resort town of Vero Beach. Marchionne traveled to the home of Alain Lebec, a senior managing director at Brock Capital LLC, one of the advisory companies for the VEBA fund, where both sides met to make final arrangements in the $4.35-billion exchange. The location of the final deal, though, is nearly as remarkable as the pace with which it came about.
According to anonymous sources pinned down by Automotive News Europe, before the meeting, the two sides were meeting in Detroit as recently as December 19, which is where Fiat made one of its final revised offers. Naturally, the VEBA made a counter offer, which led Marchionne to initiate the Vero Beach meeting.

Junkyard Gem: 1977 Chrysler Cordoba with Corinthian Leather

The Chrysler Cordoba has become emblematic of an era full of underpowered, overdecorated Detroit land yachts, stuffed with plasticky heraldic crests and allusions to classy European vacation destinations. In fact, the 1975-1979 Cordoba was a pretty decent car by the standards of Malaise Era America, based on the same well-proven (if increasingly antiquated) platform used by the '69 Charger and the Plymouth Superbird, and it sold like crazy. Of course, what we remember these days is the name of the optional leather upholstery used in the Cordoba. Yes, soft ( not rich) Corinthian leather, which was a brilliant marketing name given to a cheap grade of leather from Newark, NJ. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Naturally, we must now watch the 1975 TV commercial that started it all. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The Corinthian Leather jokes began quite soon after the Cordoba went on sale, as we can see in this 1980s Ricardo Montalban interview. This car, which I photographed a couple of weeks ago in a San Francisco Bay Area self-service wrecking yard is completely used up, and it shows signs of having spent a good decade or two abandoned in a field somewhere. Still, from the purple paint to the once-snazzy "leather" landau roof (note the molded-in stitches) to the "golden" (plastic, in fact) Cordoba medallions on the taillights, door panels, and steering wheel, the Cordoba was the closest thing to the "Super Fly" Cadillac you could buy new from Detroit. This one has the LA-series 360-cubic-inch V8 engine, which made 155 horsepower. That's 23 fewer horses than the weakest engine you can get in the US-market 2017 Toyota Camry... but try getting a Camry with soft Corinthian Leather! Related Video: Featured Gallery Junked 1977 Chrysler Cordoba View 32 Photos Auto News Chrysler Automotive History question of the day malaise era chrysler cordoba