(Toronto) Canada Nickel reports that Korean company Samsung SDI has agreed to invest US$18.5 million in the company for an 8.7% stake.

Samsung SDI manufactures rechargeable batteries for the technology industry, automotive sector and energy storage systems.

Canada Nickel CEO Mark Selby says it’s critical to form long-term partnerships with companies that understand how crucial its production will be to North America’s electric vehicle supply chains and in Europe.

Canada Nickel says it will also grant Samsung SDI the right to purchase a 10% interest in its Crawford project north of Timmins, Ontario, for US$100.5 million, exercisable following a final construction decision.

By exercising this right, Samsung SDI will be able to access 10% of the project’s nickel-cobalt production during the life of the mine and obtain an additional right of 20% for 15 years, extendable by mutual agreement.

Samsung SDI’s investment follows an investment by gold mining company Agnico Eagle Mines, which acquired a 12% stake in Canada Nickel.