- Tesla has signed an agreement to purchase Anode Active Material (AAM) from Tanzania.
- Tanzania gets a symbolic opportunity to cooperate with an iconic global player in sustainable energy.
Tesla, the American multinational automotive, artificial intelligence and clean energy company has signed an agreement under which it will purchase Anode Active Material (AAM) from Tanzania. This comes after Tesla signed a deal with a vertically integrated lithium-ion battery company, Magnis Energy Technologies Limited, and its Tanzanian subsidiaries Uranex Tanzania Limited (Uranex) and Magnis Technologies Tanzania Limited (MTT).
Magnis Energy Technologies Limited, listed on the Australian Securities Exchange, owns Uranex and MTT by 100 per cent. Uranex said in a statement yesterday that under the agreement worth an undisclosed amount, Tesla has agreed to purchase from Magnis Energy Technologies between 17,500 tonnes and 35,000 tonnes per annum of Anode Active Material (AAM) from February 2025 for three years.
Besides, Magnis through MTT was granted a licence to operate within a Special Economic Zone (SEZ) in Tanzania for a duration of ten (10) years which was renewed in May 2021. According to the statement, the deal with Tesla entails the purchase of fully processed graphite and spheronised graphite. “The graphite resource at Nachu is composed of natural flakes of various dimensions, and its purification will not involve chemical processing; hence it will be an environmentally friendly processing mechanism,” the statement reads. Through the strategic partnership, Tanzania gets a symbolic opportunity to cooperate with an iconic global player in sustainable energy.