InnoEnergy and Infinity Lithium Corporation Limited, an Australian-based company, executed a Memorandum of Understanding for equity investment and a collaboration agreement relating to the San José Lithium Project (Spain), through the Business Investment Platform created by the European Battery Alliance (EBA). This initiative supported by EIT InnoEnergy aims to accelerate transactions between financial institutions and industrial projects included in the lithium-ion battery value chain.
The agreement done by both entities outlines a plan which targets several segments of Infinity Lithium’s proposed project development including an equity investment aligned to technical tests and potential progression towards the construction of a pilot plant, assistance in securing full project financing including offtake, support in accelerating the project timeline, improvement in societal awareness, and ultimately assistance in securing Project Funding.
EIT InnoEnergy will initially invest €0.8M in the company. The funds will be allocated to the development of Phase one of an innovative two-phased pilot plant designed to produce battery lithium grade hydroxide and deliver it to selected European off-takers for testing and validation.
EIT InnoEnergy will provide guidance and expertise in the protection of the Intellectual Property created under the test work program and will participate in the design of the licensing scheme that will target the application of the technology created by the test work whilst allowing unhindered use at San Jose by Infinity. This potentially has significant implications for other European assets. The European company will also support Infinity Lithium to accelerate time to market, nominating an advisor, and mobilise the ecosystem to support the development of the entire project.
Through the EBA network, Infinity and InnoEnergy will have access to numerous public and private financial institutions as well as industrial players.
EIT InnoEnergy’s CEO, Diego Pavía noted, “EIT InnoEnergy strives to push Infinity Lithium’s project in Spain to completion and further in order to support the development of a sustainable and regional lithium-ion battery supply chain in Europe. Our support will bring the project towards the final phase of its development and allow European customers, including battery and automakers, to source lithium chemicals in the EU”.