Infinity Lithium Corporation Ltd (ASX:INF) has witnessed increasing news activity in the European lithium-ion battery supply chain during March 2019.
The EU continues to focus on all areas of activity to support the critical auto industry: from electric vehicles (EVs) to batteries all the way to lithium mining and chemical conversion.
Germany continues to act as the frontrunner with the Economy Minister, Peter Altmaier, recently stating that “We can only prevent massive job losses if we build the world’s best batteries in Europe”.
Altmaier also noted Europe was under pressure in the race to set up production of battery cells for electric cars in order to keep up with China or the U.S.
It has been well documented that the German car industry will invest over €40 billion over the next three years in electric vehicles, tripling the number of models available.
These investments are crucial to reaching the goals set by the EU for the reduction of carbon dioxide emissions.
Investment in Europe is also accelerating through offshore investment, with South Korean giant SK Innovation announcing a second battery plant in Europe, aiming to strengthen its presence in the fast-growing European market.
The ground was broken on the second plant in March and construction is expected to finish in the first half of 2020 with mass delivery to begin in early 2022.
READ: Infinity Lithium increases San Jose project ownership to 75%
Infinity Lithium is well positioned to strategically support the EU and auto industry’s endeavours, as evidenced through the recent acquisition of a further 25% ownership interest in the San Jose Project, moving Infinity’s total ownership to 75%.
Furthermore, Infinity has renegotiated terms whereby a clear pathway to 100% project ownership is available.
Infinity CEO Ryan Parkin said: “Infinity is delighted to announce the progression of project ownership to 75%.
“The acceleration in project ownership reflects the alignment of the project towards lithium hydroxide opportunities and the relevance of that product in Europe, one of the world’s largest electric vehicle markets.”