Energy Institute Backs Australian Company’s Strategic Push In Spain
Perth-based lithium developer, Infinity Lithium Corporation (ASX: INF) is driving the development of its 75% owned (option to move to 100%) San Jose lithium project in Spain.
The project regarded as the second largest hard rock lithium project in the European Union and is the first ever to receive support from the European Institute of Innovation and Technology (EIT InnoEnergy).
EIT InnoEnergy has stated that for true sustainability there is a requirement for an industry that is commercially viable, endlessly innovative, and highly competitive.
The Institute helps the adoption of pioneering new technologies, without risk or complexity.
From mobility to construction – from renewable energy sources to smarter storage – its commercially-attractive technologies are the product of a trusted ecosystem for sustainable energy.
The Institute has invested EUR560 million into more than 480 products and its Innovation Projects alone have forecasted sales amounting to EUR5.3 billion. In addition, 1 100 alumni have graduated from its Masters and PhD School programmes.
It also brings together 500+ key players from across the energy value chain, from 18 different countries, who have indirect access to 150 million energy consumers. The result is landmark innovation needed to reduce energy costs, increase system performance, decrease greenhouse gas (GHG) emissions, create jobs, and increase competitiveness.
The EIT highlighted this in a statement following the recent granting by Spain’s Junta of Extremadura to Infinity of a key Investigation Permit for the San José development.
“EIT InnoEnergy is an independent European Union body responsible for the industrial development program of the European Battery Alliance, an alliance launched by European Commission to collaborate with major lithium-ion battery industry participants and EU financiers such as the European Investment Bank (EIB).
“As such, EIT InnoEnergy has already demonstrated support for Infinity’s San José with the June 2020 direct financial investment in the company, committing to further support and to facilitate funding for San José through to completion.
“This support by EIT InnoEnergy aligns with rapidly progressing EU policies promoting net zero carbon emissions by 2050 and recovery funding under the EU Green Deal.
“Today, the fact that lithium is not being extracted or refined in Europe causes strategic dependence on other markets.
“The supply of lithium chemicals and exposure to China remains a major focus of the EU..
“But the critical importance of carbon emissions and sustainability to be implemented in the EU under the recently announced green battery standards, means San José is a fully integrated project that will utilise a hard rock lithium feedstock and produce battery grade lithium hydroxide on site, in Spain, and in close proximity to lithium-ion battery value chains that will require vast quantities of product.and at a time over the next few years that the footprint of CO2 emissions from the transport of lithium, will not be acceptable to European industrial customers.
“The San José project can be a pioneering initiative, because it combines extraction and refining and for the latter proposes, an innovative environmentally sustainable process…
“San José has the potential to act as a beacon for investment in lithium-ion battery activity in Spain.
“This development of one of the EU’s flagship projects provides Extremadura with a unique yet time critical opportunity to capture multiple segments of the lithium-ion battery value chain.
“It is also an immense regional opportunity to diversify the economy and generate high-skilled employment….
“With many EU member states aggressively positioning themselves to capture a part of this generational opportunity to facilitate electric mobility, time is of the essence.
“The locality of Cáceres (and region of Extremadura) have an almost irreplicable competitive advantage over their competitors, with the world class lithium deposit and abundant solar energy infrastructure.
“However, multi-decade investment decisions are playing out throughout the EU as there are other regions in Europe also with lithium and an appetite to play a relevant role in the battery sector..
“On this basis, the San Jose project is of very relevant strategic importance because raw materials are one of the weakest links in the value chain and there are not many deposits in Europe.”
