Australia's Kuniko said on Monday it had signed an offtake and equity investment agreement with automaker Stellantis to support the development of its Norwegian battery metals projects.

Stellantis would invest 5 million euros ($5.45 million) at an issue price of A$0.467 per share in the battery metals miner in return for a near 20% stake, Kuniko said.

Kuniko shares rose as much as 58.1% to A$0.680, their highest level since Oct. 31.

Under the deal, announced by Stellantis on Friday, the carmaker will also get 35% of the nickel sulphate and cobalt sulphate produced from Kuniko's Norway exploration projects for nine years.

The funds from the Stellantis' equity investment will be used to advance Kuniko's brownfield and greenfield battery metals exploration projects in Norway, the company said.

  - Reuters