Business
Approval of up to EUR360M Czech Government Grant
European Metals Holdings Limited has been awarded a grant of up to €360 million (approximately £315 million) from the Czech Government under the "Strategic Investments for a Climate-Neutral Economy" programme for the development of its Cinovec Lithium Project. This significant funding, subject to administrative completion, underscores strong EU and national support for the project, which has been recognized as a Strategic Project by the European Commission and a Strategic Deposit by the Czech Government. The grant aims to accelerate investment in critical raw materials essential for the transition to a climate-neutral economy and will be disbursed as a subsidy to reimburse eligible capital expenditure. Disclaimer*
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n\n \nThis announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\nApproval of up to €360 Million\nCzech Government Grant\nStrong EU and National Support for the Cinovec Project\n \nEuropean Metals Holdings Limited (ASX and AIM: EMH, OTCQX: EMHXY/EMHLF) (\"European Metals\" or the \"Company\") is pleased to announce that, subject to completion of administrative processes, Geomet s.r.o. has been informed it has been awarded a grant of up to EUR 360 million (c.GBP 315 million) under the \"Strategic Investments for a Climate-Neutral Economy\" programme (the \"Programme\"), administered by the Ministry of Industry and Trade of the Czech Republic for the development of the Company's flagship Cinovec Lithium Project (\"Cinovec\" or \"Project\").\n \nThe Programme is designed to support significant investments in the production and expansion of equipment, key components, and critical raw materials essential for the transition to a climate-neutral economy. The Programme is aligned with the European Commission's Temporary Crisis and Transition Framework and aims to accelerate economic development and investment in strategic sectors.\n \nThe final amount of the monetary grant will be confirmed upon formal award and may be less than the maximum amount of EUR 360 million.\n \nExecutive Chairman, Keith Coughlan, said:\n \n\"This is a transformational milestone for European Metals and the Cinovec Project. The Czech Government's award of a grant of up to EUR 360 million represents one of the largest direct project-level funding commitments to a critical raw materials project within the European Union. Following the previously detailed formal recognition of the Project, the approval of such a significant financial contribution clearly demonstrates the support for and importance of Cinovec in the future of European electromobility.\n \nComing at a time of renewed positive outlook for lithium and strong geopolitical commitment to Critical Raw Material supply chain security, th...