Infinity Lithium signs MoU with LG Energy Solution for lithium offtake

We are happy to communicate that Infinity Lithium, one of the projects included in the Business Investment Platform, has signed a Memorandum of Understanding (MoU) with the Korean Group LG for the negotiation of a binding off-take agreement of Lithium Hydroxide (LiOH) produced in their future extraction and refining platform in Cáceres, Spain.

The contract aims at a 5-year supply, with the possibility to further extend it by 5 years, for an annual production of 10.000 tons of LiOH. This corresponds to more than 50% of Infinity’s planned capacity.

This contract will help LG Chem supply their cell manufacturing plant in Poland, that has the ambitious expansion plans to reach a capacity of 150Gw by 2030.

At EBA250, we also consider this move very important because it shows the implication of the Asian players in the European value chain to source themselves also from the continent, shortening the logistics, reducing the CO2 impact and making their supply chains more robust.

This MoU shows the commitment of an important actor in the battery industry and could help unblock Infinity Lithium’s investigation permits. This will allow them to make the necessary studies in order to advance with the project’s Environmental Impact Assessment.

For more information, read the full press release.