A good article from Proactive below:Green Technology Metals...

A good article from Proactive below:

Green Technology Metals lands $20 million investment, offtake deal with global battery giant

Green Technology Metals Ltd (ASX:GT1)has caught the eye of global battery maker LG Energy Solution (LGES), landing a $20 million investment and a lithium offtake agreement for its flagship Seymour Project in Ontario, Canada.

Shares are up nearly 18% in late Friday trade, bringing GT1's share price up to 80 cents a pop just before market close.

Give me the elevator pitch

As part of its strategic investment, battery magnate LGES will pick up more than 21.7 million GT1 shares, priced at A$0.92 each — a 28% premium on the ASX-lister’s 90-day volume-weighted average price.

Under the offtake deal, GT1 has also agreed to sell LGES a quarter of Seymour’s future spodumene concentrate over the first five years of commercial production.

If GT1 develops a lithium hydroxide conversion facility during this period, it will also provide LGES with equivalent lithia content under the deal.

GT1 will use the LGES capital to bring the Seymour asset through exploration and feasibility stages. The company is currently conducting a preliminary economic assessment, which should be finalised and released in the coming weeks.

Of course, as an early-stage development project, Seymour’s move into production is subject to further indigenous and community consultation, obtaining project finance and the completion of technical and engineering work.

Expediting North America’s EV transition

GT1 chair John Young welcomed the deal with LGES and said he was looking forward to its contribution as a strategic partner alongside AMCI, Lithium Americas and Primero.

“LGES brings global scale and expertise in battery manufacturing as well as balance sheet strength as GT1 advances its integrated lithium strategy in the Tier 1 jurisdiction of Ontario,” he explained.

LGES chief procurement officer Myung Hwan Kin echoed his sentiments: “We have always been committed to expanding our supply chain in North America, as a steady supply of critical minerals, including lithium, is key to ensuring reliable and timely delivery of our innovative power solutions to our customers.

“Thanks to partnerships with competent local suppliers like GT1, we will continue our devotion to expediting the EV transition in North America, through our product competitiveness and operational excellence.”