Infinity Lithium’s Spanish subsidiary Extremadura New Energies has teamed up with the Cáceres Chamber of Commerce to jointly invest in a local energy sector accelerator program.
The idea is to facilitate innovative and sustainable early-stage businesses in the lithium, energy storage and renewable energy sectors.
The direct allocation of funds from Extremadura New Energies will be convertible to equity in the selected start-up companies to collaborate in their growth and future.
Creating an ecosystem for economic growth
The agreement complements other collaborations with major local and regional stakeholders which includes lithium-ion battery supply chain focused training and educational programs.
Infinity Lithium (ASX:INF) CEO Ramón Jiménez said the focus is on prioritising opportunities aligned to the San José Lithium Project to the locality of Cáceres.
“[The objective is] generating an ideal ecosystem for economic growth, the fight against unemployment, the generation of opportunities and the social benefit of the population of Cáceres and Extremadura,” he said.
Cáceres Chamber of Commerce president, Gabriel Álvarez Arroyo, said the agreement “aims to meet the challenges of energy transition, retain the talent of Cáceres and strengthen the entrepreneurial ecosystem of Cáceres, giving impetus to business ideas that correct the serious industrial deficiencies that the province of Cáceres has been experiencing for decades.”
Encouraging community support for San José
In recent months the company has seen the momentum really starting to roll in favour of lithium-ion battery developments in Cáceres, with Spain’s Federal Government spruiking the creation of a lithium-ion battery value chain in Extremadura in June.
Cáceres’ mayor noted that he does not oppose the new underground development plan, which will have less impact on the local environment, and appears to be distancing himself from groups that remain opposed to the project without allowing for objective discussions.
The project hosts the second largest lithium bearing hard-rock resource of 111.2 million tonnes, containing more than 1.6Mt of lithium carbonate equivalent in the EU.
The company favours the underground extraction of this resource as it would reduce surface tailings and leave no material visible impact from mining operations.
This article was developed in collaboration with Infinity Lithium Resources, 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.