Business
Partnership Agreement with European Union Body
Partnership Agreement with European Union Body.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \n \n RNS Number : 2720U\n European Metals Holdings Limited\n 28 July 2020\n \n \n \n \n For immediate release\n \n 28 July 2020\n EUROPEAN METALS HOLDINGS LIMITED\n PARTNERSHIP AGREEMENT WITH EUROPEAN UNION BODY\n \n \n \n European Metals Holdings Limited (ASX & AIM: EMH, FSE: E861.F) (\"European Metals\" or \"the Company\") is pleased to announce that a \"Value Added Services Agreement\" with KIC InnoEnergy SE (\"EIT InnoEnergy\"), the principal facilitator and organiser of the European Battery Alliance, has been entered into today by Geomet s.r.o. in respect of the Cinovec Lithium Project in the Czech Republic (\"Cinovec\" or the \"Project\"). \n \n \n \n \n The Project, a joint venture between European Metals and CEZ, has been recently funded to the amount of approximately EUR 29m, taking the Project through to construction decision and the purpose of the \n financing agreement with EIT InnoEnergy (the Agreement) is to\n support\n the construction financing and ultimate commercialisation of Cinovec, the largest hard rock Lithium deposit in Europe, by EIT InnoEnergy providing assistance to EMH to support the:\n \n \n \n \n \n o \n Sourcing construction finance;\n \n \n o \n Securing grant funding; and\n \n \n o \n Assisting in offtake introductions and negotiations.\n \n \n \n \n \n EIT InnoEnergy leads the the European Battery Alliance which was initated by the European Commision in 2017 to create a competetive and sustainable battery cell manufacturing value chain in Europe.\n \n \n \n \n \n Last week the EU approved the Green Stimulus Plan, agreeing to invest more than 500 billion euros into a climate change plan including electric vehicles and renewable energy.\n \n \n \n Based on Cinovec's economics, long mine life and proximity to the key manufacturing centers in Europe leading the EV development, the Project is well positioned to work with EIT InnoEnergy and other European organisations to ensure timely development to assist in meeting the expected significant increase in this demand. \n \n \n \n \n Keith Coughlan commented, \"European Metals and its development partner, CEZ, look forward to receiving support from EIT InnoEnergy and working together closely with their industrial and financial partners to deliver production at Cinovec, and co...