(Rewrites lede, updates with further details from paragraph 2 onwards)
June 21 (Reuters) - Australia's Talga Group (TLG) said on Friday it has entered a binding earn-in agreement with Sociedad Química y Minera de Chile S.A. SQMA.SN to fund the exploration of its Aero Lithium Project in Sweden.
Under the agreement, the battery materials and technology company has granted SQM - the world's second-largest lithium miner - to earn up to a 70% interest in the project for a total of $19 million in expenditure.
Lithium, a key component in electric vehicle batteries, is globally recognised as crucial in the transition to renewable energy as the world grapples with climate change.
The agreement marks SQM's entry into the lithium mineral resources in Sweden, especially after the battery metal was classified as a strategic material in the EU Critical Raw Minerals Act.
Talga Managing Director, Mark Thompson, said the partnership with SQM "provides an important chance to build a European lithium supply for the green transition and EU localisation objectives."
The company said the agreement is subject to Swedish foreign direct investment clearance.
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