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Infinity sets up consortium eyeing €7M funding for Spanish lithium project

Infinity Lithium Corp. Ltd. is leading a consortium trying to secure up to €7 million in funds from the European Union for the San Jose lithium project in Spain.

Infinity said Oct. 24. that the European Battery Alliance-appointed investment firm InnoEnergy approved the initial application of the consortium, which comprises European battery supply chain participants.

The funds will be used to develop a pilot plant that will test and validate the production of battery-grade lithium hydroxide from the project. The grant, available over three years, may also include a success fee based on revenue share upon the commercialization of San Jose.

In March, the company increased its stake in San Jose to 75%. A pre-feasibility study in August valued the project at US$860.5 million.