05/01/2021 - 13:30

Infinity Lithium gets European backing

05/01/2021 - 13:30

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Perth-based Infinity Lithium Corporation has secured funding from a key European energy institute to develop its San Jose project in Spain.

Infinity owns a 75 per cent stake in the San José lithium project in Spain. Photo: Infinity Lithium Corporation

Perth-based Infinity Lithium Corporation has secured funding from a key European energy institute to develop its San José project in Spain.

Infinity, which owns a 75 per cent stake in San José, said the project was the first to ever receive support from the European Institute of Innovation and Technology – an independent union body that plays a key role in shaping policy on battery technologies.

San José is regarded as the second-largest rock lithium project in the EU, Infinity says.

The EIIT threw its support behind the project mid-last year when it agreed to invest €3.5 million, including for phase one and two of the pilot plant.

Infinity said the EIIT would also support the business in obtaining environmental approvals.

EIIT chief executive Diego Pavia said support for the San José project aligned with rapidly progressing EU policies promoting net zero carbon emissions by 2050.

“The fact that lithium is not being extracted or refined in Europe causes strategic dependence on other markets,” he said in a statement released by Infinity today.

“The supply of lithium chemicals and exposure to China remains a major focus of the EU.”

Mr Pavia said San José was a fully integrated project that would utilise a hard rock lithium feedstock and produce battery grade lithium hydroxide on-site and in close proximity to lithium-ion battery value chains.

“San José has the potential to act as a beacon for investment in lithium-ion battery activity in Spain,” he said.

Infinity joint venture partner, Madrid-based Valoriza Mineria, owns the remaining 25 per cent stake in the project.

Shares in Infinity closed up 3 per cent to trade at 18 cents.

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