On July 9, 2020, BMW Group announced they had entered into an agreement with Managem Group and signed a 100 euros supply contract for the raw material supplies for battery cells. The contract between BMW and Managem is for a term of five years (2020 to 2025) and will cover about a fifth of BMW’s cobalt needs for the manufacture of fifth generation of electric drive trains. The two companies had signed a memorandum of understanding on the direct purchase of cobalt from Morocco in Marrakesh in January 2019.
With the signing of this contract with Managem, BMW secures their raw material needs for battery cells. The need for cobalt will increase in the following years, as sustainability now plays a key role in expanding electromobility.
Managem is one of the world’s 5 largest producers of high-purity cobalt cathodes.
A Fasken team composed of Frank Mariage, Rachel Yurkowski and Youssef Fichtali acted for Manatrade, the trading arm subsidiary of Managem, in connection with the signing of this contract.