Infinity Lithium

Government Awards €18.8M in Grant Funding for San José

Infinity Lithium Corporation Limited (‘Infinity’ or ‘the Company’) is pleased to advise grant funding of €18.8 million has been awarded to Tecnología Extremeña del Litio (‘TEL’) for the advancement of the San José Lithium Project (‘San José’, or ‘the Project’).


HIGHLIGHTS

  • €18.8 million (A$31 million) in grant funding for San José awarded by the Spanish Government’s Ministry of Industry, Trade and Tourism.
  • Government endorsement represents a major milestone for San José and precedent for future grant funding opportunities.
  • Government’s commitment to San José demonstrated through receipt of the largest grant to a lithium mining / processing asset and the 6th largest total grant announced under this programme.
  • Total of €528.7 million awarded to 26 major projects includes €200 million to Extremadura giga-factory.
  • The PERTE VEC II grant funding process has been finalised with 95% of funds committed to Spain’s electric vehicle battery chain.
  • Further grant funding submissions in Spain have been announced for the beginning of 2024.
The Spanish Government’s Ministry of Industry, Trade and Tourism (‘the Ministry’) finalised the allocation of funds under PERTE VEC II in a new batch of definitive aid for industrial projects for the production of electric vehicles, their essential components and the production or recovery of the essential raw materials required. The commitment to provide grant funding for San José was allocated under the PERTE VEC II regulations aligned to critical raw materials submissions.

The final assessment of projects under PERTE VEC II authorised the definitive commitment totalling €190.4 million in addition to other grant funding previously announced, bringing a total of €528.7 million across 26 projects for the advancement of a national electric vehicle battery chain. The funds committed to San José under PERTE VEC II were the 6th largest under the programme and are the first PERTE funds allocated to the processing of critical raw materials.

Infinity Managing Director and CEO, Ryan Parkin, commented “We are very pleased with the significant funding support awarded for San José. This is a significant milestone for both the Company and the Project. The Company welcomes the government’s commitment to recognising the critical importance of lithium and its endorsement of the Project.

These first funding commitments for the processing of critical raw materials in Spain places the Company at the forefront of future funding pathways at both the national and European level.”

PERTE VEC II has successfully awarded funds for equipment and installations to projects representing multiple segments of the electric vehicle battery chain, and it has reinforced the country’s ambitions to maintain a leading position in the EU for the development of a supply chain from locally available critical raw materials through to the manufacture of electric vehicles. Other successful applicants in the final assessment included Ford Espana, Renault Espana, Stellantis Espana, Seat S.A. and Envision AESC Spain. The recalibration of the automotive sector as supply chains move to the mass adoption of electric vehicles is critical to Spain. The automotive sector represents approximately 10% of GDP and 18% of exports in Spain.

Acting Minister of Industry, Trade and Tourism, Héctor Gómez, highlighted that "We are proud of the success achieved in this call, the result of leadership in the new industrial revolution, dialogue with the sector and understanding of the cultural change that is taking place, what is producing in our society. As I promised at the beginning of my time at the head of the Ministry, we have fulfilled.”

The Ministry further noted that it is already working on a third call for PERTE VEC (III) which will commence the process for submissions at beginning of 2024 with more than €1.2 billion in grant funding available. The availability and cost of electricity has been highlighted as a major benefit for projects in Spain. “Spain is extremely competitive at an energy level, with a wide deployment of renewable energies that makes the price of electricity very attractive to international companies. We are convinced that, thanks to the contact and intense public-private collaboration, PERTE VEC III will be as successful as the second one,” Gómez assured.

The successful grant funding commitment to San José has followed the Company’s recent announcement of an Updated Scoping Study (‘the Study’, refer to ASX announcement 9 November 2023). The Project has the potential to benefit from a revised energy matrix under Li-Stream RPKTM process in line with those advantages highlighted by the Ministry.


Click here for the full ASX Release

This article includes content from Infinity Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

INF:AU
The Conversation (0)
Altiplano Reports Q4 2023 Operational Results at Farellon with Improved Cu Grade and Output

Altiplano Reports Q4 2023 Operational Results at Farellon with Improved Cu Grade and Output

Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on Q4 2023 operation results from the Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.

The Company extracted a total of 9,114 tonnes of mineralized Cu-Au material and processed 8,125 tonnes during Q4 2023 at Farellon. This represents a 12% and 13.6% increase respectively from the Q3 production and processing figures. Mine production in Q4 represented the highest quarterly production over the 2024-year period. Copper grade improved in Q4 to 1.87% representing an 8.7% increase from the 1.72% Cu recovered in Q3. Sales of 325,328 pounds of copper in 2023 Q4 generated approximately US$798,919 in revenue (after processing costs), an increase of 25% over the $639,458 revenue figure received in Q3 - an increase related mainly to processing higher Cu grade material.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Warriedar Resources

Drilling Recommences at Ricciardo

Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to announce the commencement of 2024 drilling activities at its Golden Range and Fields Find Projects in the Murchison region of Western Australia. Initial activities are focussed on an extensional Reverse Circulation (RC) drilling program at the sizeable Ricciardo gold deposit.

Keep reading...Show less
andrew chanin, clock pointing to "mitigate risk"

Andrew Chanin: Natural Disaster Stocks — How to Invest Before, During and After

As the cost of natural disasters rises, it's worth investing in companies that help before, during and after.

That's according to Andrew Chanin, CEO of Procure ETFs. He created the Procure Disaster Recovery Strategy ETF (NASDAQ:FIXT), which tracks companies engaged in natural disaster preparedness and recovery.

With holdings ranging from NVIDIA (NASDAQ:NVDA) to Babcock International Group (LSE:BAB,OTC Pink:BCKIF) to Home Depot (NYSE:HD), the fund is up nearly 30 percent since its launch in mid-2022.

Keep reading...Show less
Odessa Minerals

Targets Generated at Gascoyne East Project

Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to announce that it has completed an airborne gradiometer magnetic and radiometric survey over the Company’s +2,100 square kilometre tenement package at its Gascoyne East Project (“Project”) in the Gascoyne region of Western Australia.

Keep reading...Show less
Odessa Minerals

Odessa Minerals Limited (ASX: ODE) – Trading Halt

Description

The securities of Odessa Minerals Limited (‘ODE’) will be placed in trading halt at the request of ODE, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 27 February 2024 or when the announcement is released to the market.

Keep reading...Show less

Latest Press Releases

Related News

×