Electric Mobility
Canadian Lithium Company Receives Nine-Figure Grant
Rock Tech Lithium is benefiting from funding commitments of up to EUR 100 million from the eastern German regional state of Brandenburg and Federal Railway Authority.
Jul 02, 2024
The Canadian lithium producer is expanding to the town of Guben. It says the grants will go toward the construction of Europe’s first lithium converter with a capacity of 24,000 tons of lithium-hydroxide-monohydrate per year.
The substance is a key element in the manufacturing of electric-vehicle batteries.
The project is expected to cost some EUR 800 million. RockTech is looking for further government support to offset expenditures. Initial permits were issued in May ahead of the grants.
“These subsidies are a major milestone for us and a big step towards the realization of the Guben Converter,” said Rock Tech’s CEO Dirk Harbecke in a statement. “Together with the possible federal guarantees, we are targeting governmental financial support of up to 500 million Euros. In addition to these substantial subsidies, we have signed a binding feedstock agreement with a leading lithium trading house, C&D Logistics Group, for the procurement of raw material for our converters and received the full construction and operations permit approvals for Guben. I am very confident that we will finalize the remaining financing steps for Guben in the coming months.”
