Czech energy group CEZ will provide a convertible loan of two million euros to European Metals Holding (EMH), which will see CEZ become EMH’s largest shareholder and co-development partner for the Cinovec lithium-tin project.
The plant produces carbonate which it turns into lithium hydroxide, more desirable on the market as it can deliver higher energy density into batteries.
“CEZ is the largest company in the Czech Republic and one of the leading companies in Central and Eastern Europe, having a strong vision with regards to renewable energy and power storage,” commented Keith Coughlan, managing director of European Metals.
“Potentially partnering with CEZ further demonstrates EMH’s commitment to fully developing the Cinovec project in conjunction with the Czech industry, for the benefit of the country’s involvement in the battery and EV industries. With their blend of technical foresight and historic mining experience, CEZ is the ideal partner for the company,” he added.
Cinovec is strategically placed at the heart of Europe, just across the Czech-German border from some of the largest vehicle manufacturers in the world.