Infinity Lithium Corporation Ltd (ASX:INF) has completed test-work milestones triggering the tranche two payment under a project agreement with Business Investment Platform project partners EIT InnoEnergy and Dorfner Anzaplan.
The tranche two payment totalling €200,000 has been made by EIT InnoEnergy to Dorfner Anzaplan as a result of completing test-work deliverables relating to INF's San José Lithium Project.
The third and final tranche commitment under the agreement totals a further €200,000 which is payable upon completion of the test-work deliverables in the March quarter of 2022.
“Fully integrated value chain”
Infinity CEO and managing director Ryan Parkin said: “The ability to collaborate with EIT InnoEnergy and deliver this significant milestone reinforces the commitment of the European Battery Alliance to develop a fully integrated value chain.
“We are appreciative of the progress despite the challenges of the pandemic and the support of both project partners in progressing the test work.
“The outcomes are essential to advancing commercial offtake negotiations and we are enthused with the first samples of battery-grade lithium chemicals that have been a direct result of this test-work program.”
Terms of project agreement
This tranche 2 payment to Dorfer Anzaplan is being made under the terms of the agreement as a result of the achievement of predetermined milestones.
The company highlighted the production of both battery-grade lithium hydroxide and carbonate under the test-work program and the progression of pilot-scale stages.
There were 13,182,938 warrants issued in consideration for the €400,000 tranche 1 payment by EIT InnoEnergy to Dorfner Anzaplan.
EIT InnoEnergy will increase its equity position in Infinity through the issue by the company of 1,705,672 zero exercise price warrants.
Forward plan
Test-work is progressing under the project agreement between EIT InnoEnergy and Infinity.
EIT InnoEnergy has already demonstrated support for San José with the initial investment aligned to the generation of common IP in a first of a kind innovative technological refining process.
Bench-scale test-work relating to the sulphate roast process flow sheet has progressed to the treatment of recycling solutions and will progress soon to close-circuit test-work.
Concurrently, pilot-scale test-work has successfully progressed beyond impurity removal and evaporation in preparation for lithium, potassium and sodium recovery.
European Battery Alliance investment
European Battery Alliance central participant Volkswagen Group (XETRA:VOW) has formalised its commitment to EIT InnoEnergy through a direct investment announced earlier this month.
The investment follows the July announcement that confirmed VW’s commitment to locate one of their six lithium-ion battery plants in Spain.
Spain has been focusing on the development of the Iberian lithium-ion battery value chain strengthening collaboration between the two countries, and benefiting from access to European funds.