EIT InnoEnergy and Savannah have entered into an ‘Added Value Services Agreement’, as part of the Business Investment Platform (BIP) launched last September to accelerate the development of the European battery industry. To further accelerate transactions in the European battery value chain, EIT InnoEnergy has co-designed the BIP with industrial players and public and private financial institutions from the EBA network. The ultimate goal is to facilitate an additional flow of €70 billion of investment into EU based battery-related projects required to meet peak European demand by 2023.
Through the Added Value Services Agreement, EIT InnoEnergy will assist Savannah in securing finance to develop the Mina do Barroso project. This may include providing access to public and private sources of finance across equity, debt, and other funding mechanisms, such as grants. EIT InnoEnergy is also able to make investments itself in innovative companies operating in the sustainable energy sector. We will also Work together with Savannah to apply the most innovative and sustainable state-of-the-art technologies and processes in the Project; introduce potential customers for the Project’s lithium as a supplement to Savannah’s own ongoing negotiations with potential major customers; introduce potential strategic Project investors; as well as provide market intelligence and wider strategic support in areas such as government and social engagement, regulation and permitting, and industrial partnering through its team in Portugal and across Europe.
Read the complete press release, here.