Infinity Lithium’s positive test work at San José triggers second EIT InnoEnergy payment of €200,000
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Test work milestones results in tranche 2 payments, with ongoing test work to crystalise tranche-3 payments planned for Q1 2022 upon completion of all deliverables under the project agreement.
Infinity Lithium has completed a major milestone for test-work at the San José Lithium Project under the agreement with EIT InnoEnergy and Dorfner Anzaplan, triggering the finalisation of trance-2 payment totalling 200,000.
Bench-scale test work relating to the sulphate roast process flow sheet has progressed to the treatment of recycle solutions and will progress soon to close-circuit test work.
In parallel, pilot-scale test work has progressed beyond impurity removal and evaporation, the company says, in preparation for lithium, potassium, and sodium recovery.
EIT InnoEnergy is also set to increase their position in Infinity through the issue of 1,705,672 zero exercise price warrants.
On September 20, Infinity (ASX:INF) highlighted the production of both battery grade lithium hydroxide and carbonate under the test work program.
At the time, the company said test work was “continuing to progress on time and on schedule” with “the successful production of battery-grade lithium hydroxide monohydrate in open circuit with only a single stage of crystallisation as part of its on-going process flowsheet development test work.”
Managing Director Ryan Parkin said the ability to collaborate with EIT InnoEnergy and deliver the milestone reinforces the commitment of the European Battery Alliance to develop a fully integrated value chain.
“We are appreciative of the progress despite the challenges of the pandemic, and the support of both project partners in progressing the test work,” he said.
“The outcomes are essential to advancing commercial offtake negotiations and we are enthused with the first samples of battery grade lithium chemicals that have been a direct result of this test work program.”
EIT InnoEnergy has already demonstrated support for San José with initial investment aligned to the generation of common IP in a first of a kind innovative technological refining process.
The final and third tranche commitment under the project agreement totals a further €200,000 which is payable upon completion of the test work earmarked for Q1 2022.
The European Battery Alliance central participant VW Group has formalised its commitment to EIT InnoEnergy through a direct investment announced earlier this month.
This investment follows an announcement made in July which confirmed VW’s commitment to locate one of their six lithium-ion battery plants in Spain.
Spain has been focusing on the development of the Iberian lithium-ion battery value chain, as recognised by Prime Minister Pedro Sanchez at the XXXII Lusa Hispanic Summit on October 28 in concert with the Prime Minister of Portugal, Antonio Costa.
Sanchez called for a commitment to strengthen collaboration between the two countries, and to benefit from access to European funds.
Both reaffirmed their commitment to electrify mobility, recognising the need for radical transformation of the entire value chain of the automobile sector.
Sanchez also noted that the electric project is important for both countries as well as the “management of the entire value chain, starting with lithium until the manufacture of the car.”
This article was developed in collaboration with Infinity Lithium, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.