EU opens new call for PCI, PMI energy infrastructure projects
Sep 18, 2024 15:49 CESTDutch sustainable energy innovation engine EIT InnoEnergy and private equity investor Demeter Investment Managers have set up a EUR-500-million (USD 543.9m) fund to invest in projects focusing on the production of battery raw materials.
The initiative seeks to meet the rising demand for batteries for electric vehicles and grid storage across Europe and develop “a resilient and diverse battery raw material supply chain,” EIT InnoEnergy and Demeter said on Thursday. The duo officially launched the new fund during the 54th Annual Meeting of The World Economic Forum in Davos, Switzerland.
Dubbed EBA Strategic Battery Materials Fund, the new vehicle will focus on strategic battery materials such as lithium, nickel, cobalt, manganese and graphite. At least 70% of the fund’s investments will be dedicated to projects increasing domestic production from the mining, processing, refining and recycling industries in the European Union and neighbouring countries. The remaining 30% will target the increase in raw material supply from EU Raw Material Partnership countries, such as Canada, Namibia, and Argentina.
Demeter will act as fund manager and Societe Generale will act as the exclusive financial advisor for the capital raising.
(EUR 1.0 = USD 1.088)
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