Savannah Resources PLC (LON:SAV) has become a sponsor to FST Lisboa, a team of engineering students from the University of Lisbon focused on the design and build of innovative, lithium-ion battery-powered formula race cars.
The AIM-quoted resource development company, which is focused on becoming Europe's most significant producer of spodumene lithium from its Mina do Barroso Project in Portugal, noted that this season, FST Lisboa includes a team of 43 engineering students, working towards developing their next-generation electric vehicle (EV) prototypes: the 100% electric FST10e, and the driverless FST 10d.
The company said these EVs will compete internationally and represent Portugal at Formula Student competitions including the FS Series, considered by many as the most innovative car competition after Formula One.
In a statement, Savannah's CEO, David Archer commented: "We are delighted to have the opportunity to support an enthusiastic team of Portuguese students who are making remarkable achievements in applying a range of technologies to the development of innovative electric vehicles.”
He added: “Skills such as those being developed under the programme are already in high demand as the European car industry invests billions of Euros in EV development programmes.
“Europe aims to lead this key sector in innovation; this provides an opportunity for Portugal to build on its platform of major lithium resources such as Mina do Barroso, as well as the creativity and enthusiasm of its young people to deliver great outcomes for both Portugal and Europe. We wish FST Lisboa great success on race day."