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- Infinity Lithium Corporation (ASX:INF) secures €18.8 million grant to advance its San José lithium project in Spain
- Funding comes from the Spanish Government’s Ministry of Industry, Trade and Tourism, as part of an initiative to provide definitive support for industrial projects relating to EV manufacturing
- The Spanish Government’s grant is a recognition of lithium’s significance and its endorsement of the project
- INF shares were up 52.9 per cent, trading at 13 cents at 1:21 pm AEDT
Infinity Lithium Corporation (ASX:INF) shares surged today after the company was granted €18.8 million (A$31.6 million) for the advancement of its San José lithium project in Spain.
The funding was awarded to Tecnología Extremeña del Litio (TEL) by the Spanish Government’s Ministry of Industry, Trade and Tourism. It forms part of a recent initiative to provide definitive support for industrial projects related to electric vehicle manufacturing, essential components, and the production or recovery of crucial raw materials.
“The company welcomes the government’s commitment to recognising the critical importance of lithium and its endorsement of the project,” INF Managing Director and CEO Ryan Parkin said.
“These first funding commitments for the processing of critical raw materials in Spain places the company at the forefront of future funding pathways at both the national and European level.”
The final assessment of projects under PERTE VEC II has resulted in a total commitment of €190.4 million (A$319.8 million), in addition to previously disclosed grant funding, leading to a combined total of €528.7 million (A$888 million) distributed across 26 projects aimed at advancing the national electric vehicle battery supply chain.
Notably, the funds allocated to the San José project under PERTE VEC II constitute the sixth-largest commitment within this program and mark the first allocation of PERTE funds dedicated to the processing of critical raw materials.
INF shares were up 52.9 per cent, trading at 13 cents at 1:21 pm AEDT.
