Infinity Lithium secures EU funding to develop San Jose Project
2020-03-27 14:21:42 [Print]
Australia's Infinity Lithium Corporation announced that it has signed a memorandum of understanding (MoU) with the EU's European Battery Alliance division for a multi-staged investment and assistance package to secure funding for its San Jose lithium project in Spain.
The company inked the MoU with the European Institute of Innovation &Technology (EIT) initiative, Innoenergy, which supports innovation for sustainable energy.
The initial part of the package is an investment of a staged EUR800,000 ($858 million) at a 66% premium to last traded share price (equating to roughly 3 cents/share), to fund phase one of Infinity Lithium's innovative lithium conversion process.
For the second phase of the project, EIT will lead fundraising activities including supporting negotiations with European offtakers to secure offtake agreements for the project. The second phase of the pilot San Jose lithium project is estimated to require between EUR1.6 million and EUR2.4 million, it said.
Strategically located within the EU, Infinity Lithium's San Jose Project will be a fully integrated operation producing battery-grade lithium hydroxide. The raw material will be sourced from hard rock locally.
The company inked the MoU with the European Institute of Innovation &Technology (EIT) initiative, Innoenergy, which supports innovation for sustainable energy.
The initial part of the package is an investment of a staged EUR800,000 ($858 million) at a 66% premium to last traded share price (equating to roughly 3 cents/share), to fund phase one of Infinity Lithium's innovative lithium conversion process.
For the second phase of the project, EIT will lead fundraising activities including supporting negotiations with European offtakers to secure offtake agreements for the project. The second phase of the pilot San Jose lithium project is estimated to require between EUR1.6 million and EUR2.4 million, it said.
Strategically located within the EU, Infinity Lithium's San Jose Project will be a fully integrated operation producing battery-grade lithium hydroxide. The raw material will be sourced from hard rock locally.
Lithium Hydroxide LiOH 56.5%min, Magnets 0.0001%max FOB China
Unit:USD/kg
Chna's lithium hydroxide producers; operating rate statistics by province by month
Unit: %
