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Infinity Lithium steps closer to European funding for mine

London — Developer Infinity Lithium has received the green light to potentially draw funds from the European Battery Alliance for the build-out of its lithium mine in Spain.

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The funds would come from InnoEnergy, a group that is driving investment in the European lithium supply chain and that allocates money on behalf of the EBA.

This is the first step toward possibly releasing funds to the company. Infinity is developing a mine and processing plant in San Jose, Spain, that will help feed European automakers' lithium requirements for electric vehicles.

"The EBA is considering the industry as a value chain, with a full integration from mining all the way to electric vehicles," Vincent Ledoux Pedailles, an executive director at Infinity Lithium, said.

The EBA has called for investment in the nascent European battery value chain -- from extraction of raw materials all the way through to recycling at the other end of the value chain -- in order to build the industry and create job security.

"We are trying to get the show on the road in Europe by working across the European battery value chain," EBA's program director for industry, Thore Sekkenes, said in a recent interview with Platts.

To potentially draw the funds, Infinity is working with a consortium of other members.

A statement said this includes a "European-based industrial player operating in the lithium-ion battery supply chain. This end-user will be testing and validating the production of battery-grade lithium hydroxide from the San Jose Lithium Project."

-- Ben Kilbey, ben.kilbey@spglobal.com

-- Edited by Bill Montgomery, newsdesk@spglobal.com