EIT InnoEnergy to support Chvaletice Manganese Project
EU-backed organization will assist Euro Manganese with strategic financing and offtake agreements
- Euro Manganese and its wholly owned Czech Republic subsidiary, Mangan Chvaletice, have secured the support of EIT InnoEnergy, a Knowledge and Innovation Community
supported by the European Institute of Innovation and Technology. EIT InnoEnergy will marshal its broad network and resources to accelerate the Chvaletice Manganese Project’s successful integration
into the European Union’s battery supply chain.
- The Chvaletice Manganese Project is the only sizeable manganese resource in the European Union, with the potential to provide up to 50% of projected 2025 European
demand for high-purity manganese, and 28% of its anticipated 2030 requirements.
- The Project also brings local environmental and social benefits. As tailings from the decommissioned mine are recycled to produce battery-grade manganese, a
longstanding source of water pollution will be eliminated, and high-quality jobs will be created for local communities.
- To expedite the Project and its benefits to Europe, EIT InnoEnergy will provide an initial funding of €250,000 in the Company that will go towards ongoing work on a
detailed feasibility study and demonstration plant, both targeted for completion by the end of 2021.
- EIT InnoEnergy has agreed to help Euro Manganese secure financing of up to €362 million for the commercial development of the Chvaletice Manganese Project. Potential
funding sources include Europe-wide and regional grant programs as well as European project finance and economic development banks.
- EIT InnoEnergy will further assist Euro Manganese in securing offtake agreements with consumers of high-purity manganese products, including European electric
vehicle, battery and cathode manufacturers.
VANCOUVER, British Columbia, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V/ASX: EMN) ("Euro Manganese" or the "Company") and its wholly owned Czech republic subsidiary, Mangan Chvaletice s.r.o. (“Mangan Chvaletice”), have signed agreements to secure the support of EIT InnoEnergy, a Knowledge and Innovation Community supported by the European Institute of Innovation and Technology. EIT InnoEnergy leads the industrial stream of the European Battery Alliance, an initiative launched by The European Commission in October 2017 with the objective to build a strong and competitive battery industry in Europe.