Infinity Lithium Corporation Ltd (ASX:INF) has formed a partnership with the Cáceres Chamber of Commerce corporation to co-invest in an accelerator program for the local energy sector.
Infinity intends to facilitate the development of innovative and sustainable early-stage businesses in the lithium, energy storage and renewable energy sectors of the local area.
Under the partnership agreement, funds will be directly allocated to the Extremadura New Energies through the start-up incubator/accelerator project, which are then convertible to equity in selected start-up companies to collaborate in their future growth.
A presentation by Infinity subsidiary Extremadura New Energies CEO Ramón Jiménez to the Cáceres Chamber of Commerce members in May 2022 was the catalyst for the commercial collaboration.
Chamber president Gabriel Álvarez Arroyo commented: "The new industrial project for the lithium mine and treatment plant proposed by Extremadura New Energies in Valdeflores is very favourable for the industrial development of Cáceres and its province.”
Furthermore, Arroyo recognised the project “would serve to create a pole of industrial development around lithium in Cáceres, which would contribute to giving economic and social dynamism to a province whose main problems are the lack of industry and depopulation.”
Agreement builds on previous collaborations
Infinity Lithium has also developed collaboration agreements with other major local and regional stakeholders, including educational and training programs.
Extremadura New Energies continues to prioritise opportunities that support the development of the San José Lithium Project, which sits within the locality of Cáceres.
Jiménez reinforced the objectives of the start-up accelerator project to promote business opportunities related to the project, which include "generating an ideal ecosystem for economic growth, the fight against unemployment, the generation of opportunities and the social benefit of the population of Cáceres and Extremadura.”
Finally, chamber president Arroyo emphasised that the agreement “aims to meet the challenges of energy transition, retain the talent of Cáceres and strengthen the entrepreneurial ecosystem of Cáceres, giving impetus to business ideas that correct the serious industrial deficiencies that the province of Cáceres has been experiencing for decades.”