Infinity Lithium Corporation Limited (ASX:INF) continues to align the San José Lithium Project in Spain to European stakeholders with several achievements pushing the project forward during the December 2019 quarter.
Following the appointment of Spain-based director Felipe Benjumea Llorente in October 2019, the company continued to target multiple funding opportunities available within the EU through InnoEnergy, the European Battery Alliance (EBA) and the European Commission.
EBA Business Investment Platform
The recently launched EBA Business Investment Platform (BIP) also has the potential to provide additional funding that will be made available for selected EU projects, which may include San José.
In addition to the BIP, Infinity released the composition of an EU consortium that had applied for EU funding through the InnoEnergy ‘KIC InnoEnergy SE Innovations Round 2019’.
The company brought together leading EU lithium-ion battery supply chain participants to form and lead an EU consortium with the aim to support the development of a pilot plant for the production of lithium hydroxide to be tested by European end-users.
EBA BIP provides an additional source of funding that will be made available for selected EU projects, with the EIB having forecasted approximately €20 billion would be available from 2019 to 2023 for accelerated investment in the EU lithium-ion battery value chain, including projects in mining, refining and recycling.
BIP outcome Q1 2020
Infinity was informed by the EBA that it had been selected to apply for this initiative and was selected as one of only four potential investees to present an investment case to the BIP Committee in the second half of December 2019.
The company is awaiting the outcome of the BIP consideration, which is expected to be released this quarter.
Increased interest around San José
Further interest in pursuing lithium opportunities in the area around the San José Project was highlighted during the quarter with South American producer AMG Lithium GmbH lodging a ‘next-in-line’ exploration licence application.
The application comprised areas including, but not limited to, the grounds situated over the San José Lithium project investigation permits.
This highlights the value and imperative of the San José development as a major component in the EU’s ambitions to develop a localised lithium-ion battery supply chain.