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.