Asian Tech Press (Sep 29) -- Tesla battery supplier Contemporary Amperex Technology Co Ltd (CATL) has confirmed its acquisition of Canadian lithium company Millennial Lithium Corp. for C$377 million.

Chinese battery maker CATL has agreed to buy the company for C$377 million, Canada's Millennial Lithium said Tuesday local time.

Tesla's battery supplier in China confirmed the news to the media on Wednesday, saying it had signed an agreement with Millennial Lithium to acquire 100% of the company.

Public information shows that Millennial Lithium is mainly engaged in the acquisition, exploration and development of lithium mining rights, with the goal of becoming a competitive supplier in the lithium battery industry.

Millennial Lithium's main assets are two world-class lithium salt lake projects, Pastos Grandes Project in Salta Province, Argentina, and Cauchari East Lithium Project in Jujuy Province, Argentina.

CATL also said that the acquisition is an important step in the company's supply chain layout, which will further guarantee its long-term stable supply of lithium raw materials.

Previously, Bloomberg reported that Chinese companies CATL, Ganfeng Lithium Co. and China Molybdenum Co. were bidding for Millennial Lithium, with CATL being the mystery buyer offering to buy it for C$377 million (US$298 million).