Infinity Lithium

Industrial Partnership To Deliver Green Energy In Cáceres

Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’), through its wholly owned subsidiary Extremadura New Energies, is pleased to announce the formation of Spanish renewable energy entity “Extremadura Energy H2 Hub” (‘EEHH’).


HIGHLIGHTS

  • Extremadura New Energies formalises JV with major Spanish industrial consortium
  • Potential to secure long term and low-cost green energy for San José
  • Major projects aligned to local stakeholders
Extremadura New Energies and Enalter have progressed under the terms of the previously announced MoU to establish the joint venture company (see ASX Announcement 9 November 2022). EEHH has been established primarily for the availability of a secure source of localised and cost-effective green electricity and hydrogen for the San José Lithium Project’s (‘San José’ or ‘the Project’) large scale lithium chemical conversion plant and mineral extraction activities.

Enalter was established as a joint venture between leading Extremadura company Grupo Industrial CL subsidiary Alter Enersun, S.A (‘Alter Enersun’), and Spanish IBEX35 energy company Enagás S.A subsidiary Enagás Renovable, S.L. (‘Enagas’).

The MoU between the parties highlighted that EEHH will provide the Project a first right to secure a long-term green energy power purchase agreement (‘PPA’). The ability to source and secure green energy is critical for an environmentally, socially and economically credentialled industrial project in Europe, particularly against the backdrop of competitive energy availability issues due to energy pressures within the EU. San José will have the opportunity to secure long term and low-cost green energy prices, mitigate pricing volatility, and eliminate costs for grid access and transmission, providing a robust position for the advancement of San José.

EEHH will initially progress the development of a green hydrogen plant (with a maximum capacity of up to 180 MW) and a photovoltaic (‘PV’) solar park (with a maximum capacity of up to 350 MW) in Cáceres in direct alignment to San José. The large-scale development will potentially provide excess green energy capacity for other end users, which could attract further opportunities for additional industrial investment in Cáceres, in alignment with local and regional government strategies.

Chairman of EEHH José Luis Morlanes, and CEO of Alter Enersun (a company that belongs to the major Extremadura Industrial Group “Grupo Industrial CL”), explained that “we are joining the lithium processing plant project to contribute to decarbonising activity through the use of green hydrogen and renewable energies” and added “This plant will be a benchmark for sustainability in Europe and will create wealth and quality employment in Extremadura”.

Infinity and Extremadura New Energies are pleased to be aligned to major Extremadura organisations who have been integral in the fabric and identity of both the region of Extremadura and locality of Cáceres and continue to collaborate with major stakeholders aligned to San José. The advancement of large-scale industrial projects for both renewable energy and lithium chemical conversion places Cáceres at the forefront of energy transition in Europe and provides significant opportunities for highly skilled employment in the region. Extremadura New Energies has led training and development programs in both the lithium-ion battery and renewable energy segments in Cáceres.

The CEO of Extremadura New Energies, Ramón Jiménez, highlighted "the participation of two companies with the experience and prestige of Enagás Renovable - part of Enagás (technical manager of the gas system in Spain) - and Alter Enersun - one of the main promoters of renewable energies in Spain and owned by the leading business group in Extremadura (CL Industrial Group) - confirms the solidity of the industrial project of the lithium processing plant in Cáceres". Jiménez recalled “our plant in Cáceres will be the final consumer of the electricity and hydrogen generated by the Extremadura Energy H2 Hub renewable energy plants, which also consolidates the commitment of this project to the highest standards of environmental sustainability".


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.

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