€360m grant for Cinovec lithium project
The Cinovec lithium project has been awarded a €360-million grant by Czech Republic, project owner European Metals announced on Friday.
Executive chairperson Keith Coughlan said that the grant represented one of the biggest direct project-level funding commitments to a critical raw materials project within the EU.
“This is a transformational milestone for European Metals and the Cinovec project," he said.
"Following the previously detailed formal recognition of the project, the approval of such a significant financial contribution clearly demonstrates the support for and importance of Cinovec in the future of European electromobility.
"Coming at a time of renewed positive outlook for lithium and strong geopolitical commitment to Critical Raw Material supply chain security, the grant confirms the significant support at both Czech government and European Union levels.”
The final grant amount will be confirmed upon formal award and may be lower than the €360-million ceiling.
Administered by the Ministry of Industry and Trade, the 'Strategic Investments for a Climate-Neutral Economy' programme supports major investments in equipment, components and critical raw materials necessary for Europe’s transition to a climate-neutral economy.
Cinovec has been recognised as a strategic asset at both European and Czech government levels. It was declared a strategic project under the EU Critical Raw Materials Act, providing access to accelerated permitting and financing channels, and designated a strategic deposit by the Czech government, simplifying project approvals.
The project has also previously secured a $36-million grant from the EU’s Just Transition Fund.
EMH said these milestones demonstrate unified political commitment to bringing Cinovec into production as a secure, sustainable European lithium supply source for the battery and automotive sectors.
