European Metals (AIM: EMH) announced that it has entered into a support and financial agreement with EIT InnoEnergy, the innovation engine of the European Battery Alliance initiated by the European Commission.
The goal of the alliance is to create a competitive and sustainable battery cell manufacturing value chain in Europe.
In a press release, European Metals said this partnership will facilitate the accelerated construction financing and commercialization of the Cinovec project – the largest hard rock lithium deposit in Europe.
“The Cinovec project is strategically located in the heart of Europe, in close proximity to Europe’s EV manufacturers,” the media statement reads. “EIT will help with sourcing construction finance, securing grant funding and assisting in offtake introductions and negotiations for Cinovec.”
The project sits some 100 kilometres northwest of Prague in the Czech Republic on the border with Germany. It lies on the Krusne hory/Erzgebirge metallogenic province at the northern border of the Bohemian Massif, one of the major metamorphic crystalline complexes of the European Variscan Belt.
According to European Metals, Cinovec hosts a globally significant hard rock lithium deposit with a total indicated mineral resource of 372.4Mt @ 0.4% Li2O and 0.04% Sn and an inferred mineral resource of 323.5Mt @ 0.39% Li2O and 0.04% Sn containing a combined 7.18 million tonnes Lithium Carbonate Equivalent and 262,600t of tin.