INF
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0.00% 5.7¢ infinity lithium corporation limited

https://www.uusisuomi.fi/uutiset/suomen-akkuklusteri-saa-etela-eu...

  1. Celts
    446 Posts.
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    11/03/21
    20:02
    Post #: 51702303
    https://www.uusisuomi.fi/uutiset/suomen-akkuklusteri-saa-etela-euroopasta-kilpailijan-jolla-rahaa-riittaa-espanja-kayttaa-eun-elvytysmiljardeja-sahkoautojen-akkutuotannon-pystyttamiseen/88a21b29-20ee-4c97-adb2-b4d34862710b

    Found this yesterday, a report in the Finnish media. It mentions Infinity Lithium, good read. I've google translated it but the link is above for anyone wishing to check it out.

    Finland'sbattery cluster gets a competitor from Southern Europe with enough money -Spain uses EU revitalization billions to set up electric car battery production

    Last week, the Spanish governmentunveiled a multi-billion euro project aimed at establishing its own electriccar battery industry in the country. The money comes from EU stimulusfunds.

    MADRID

    Last week, theSpanish government announced a € 5 billion project to set up its own electriccar battery industry.

    Accordingto Reyes Maroto , Minister of Trade and Industry ,the public contribution to the project could be more than one billion euros.

    Public moneycomes from the EU's stimulus funds, from which member states receive grants andloans for post-pandemic economic recovery. Spain will receive a grant ofat least EUR 72 billion.

    READ ALSO

    The country'sleft-wing government plans to set up a "public-private consortium"for battery production.

    On the corporateside, SEAT, a Spanish car manufacturer belonging to the Volkswagen Group,Spanish wind giant Iberdrola, the largest domestic bank CaixaBank and thetelecommunications company Telefónica promise to participate.

    The project is opento others, the government says.

    The car industry has no room to lose

    SEAT andVolkswagen, for their part, have announced that they will invest EUR 5 billionin their production facilities in Spain in 2021-25.

    SEAT plans todesign and manufacture electric cars at its large Martorell plant nearBarcelona in Catalonia. Battery production is also tentatively plannedthere.

    The SpanishGovernment has outlined that the development and production of electricvehicles is a key strategy for economic recovery, while at the same timeserving environmental policy objectives.

    Spain is thesecond largest car-producing country in Europe after Germany. In additionto Volkswagen and SEAT, there are factories such as PSA, Renault, Daimler, Fordand Iveco.

    In 2019, almost2.8 million internal combustion vehicles were completed in Spain, of which morethan 80% were exported.

    READ ALSO

    The car industryaccounts for about 10% of Spain's gross domestic product (GDP) and almost twomillion jobs depend on it.

    Production fellby 20% last year, which, along with the collapse of tourism, has been the worstblow to the Spanish economy in a viral pandemic.

    The countrycannot afford to lose the automotive industry, which is now in a technicaltransition, abroad. The transition to electric cars is promised support inmany ways.

    "Spainstands by the car industry," King Felipe VI assured atthe recent 70th anniversary celebrations of SEAT's factories - althoughthe Catalan separatist government boycotted the opportunity and outside thepolice repulsed anti-king protesters.

    Lithium is found

    Spain has thelithium needed for electric car batteries in its own soil.

    The San José deValdeflóres opencast quarry, located in the direction of the Portuguese border,has been drilled to a depth of 450 meters. Its lithium reserves areestimated at 1.6 million tonnes.

    Mining rights aresought by a company majority owned by Australian listed lithium mining giantInfinity Lithium. Australia is one of the largest producers of lithium inthe world.

    Compared to thelithium reserves controlled by the Finnish Keliber, the Spanish deposit isapparently small, but according to Infinity Lithium, it would provide lithiumhydroxide to the batteries of about 10 million all-electric cars.

    INF Price at posting: 16.0¢ Sentiment: Hold Disclosure: Held
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    lightbulb Created with Sketch.  Great analysis
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