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EIB Reviews a €150 Million Support for Converter

Vancouver, Canada

Rock Tech is pleased to announce that the European Investment Bank (EIB) has recently published its intention to review a potential investment of up to €150 million senior debt to back the Company’s Guben lithium converter project in Brandenburg, Germany. The European Investment Bank financing looks to support the creation of capacities to produce lithium hydroxide as one of the key components of electric vehicle batteries, hence enabling the EU’s green transition.

„The EIB‘s interest in the project is a very positive signal to the market that Rock Tech is progressing on target with its project development plans in Guben“, commented Dirk Harbecke, Chairman of the Board, „we look forward to building on EIB’s support as we bring together a consortium of lenders in this important project“.

The construction of the Rock Tech lithium converter plant in Germany will be the first of its kind in Europe. From spodumene, a lithium bearing ore, to battery-grade lithium hydroxide, the whole refinery process will take place in the Guben converter. Thus, on the one hand, the project meets the growing demand for battery raw materials triggered by increasing electric vehicle mobility, while at the same time allowing the supply chain to become more diverse and resilient in the western hemisphere. The lithium hydroxide from Rock Tech’s converter, is expected to be component of up to 500,000 electric vehicle batteries per year – powering the zero-emissions transformation of the transportation sector.