European Metals announced that it has today reached conditional agreement with CEZ Group, one of Central and Eastern Europe’s largest power utilities.
European Metals (ASX:EMH) announced that it has today reached conditional agreement with CEZ Group, one of Central and Eastern Europe’s largest power utilities, regarding a potential strategic partnership and significant investment into the Cinovec project.
As quoted in the press release:
“We are very pleased to have concluded another stage of negotiations with CEZ regarding the future development of the Cinovec project. CEZ is one of the largest companies in the Czech Republic and one of the leading companies in Central and Eastern Europe, having a strong vision with regards to the construction of battery production facilities, renewable energy and power storage. If concluded, this agreement will result in Cinovec being fully funded through to a construction decision and will assist greatly in the integration of Cinovec into the European battery market. The potential investment by CEZ further demonstrates EMH’s commitment to develop fully the Cinovec project in conjunction with Czech industry, for the benefit of the country’s involvement in the battery and EV industries. With their blend of technical foresight, historic mining experience, strong balance sheet and involvement in the rapidly growing European Battery Industry, CEZ is the ideal partner for the company,” European Metals Managing Director Keith Coughlan said.