Norway [Europe]: Hydro Batteries, a leader in sustainable battery materials, has acquired a 12 percent stake in Lithium de France. This marks an important strategic expansion for Hydro, who has partnered with Arverne Group and Equinor Ventures as co-shareholders of Lithium de France.
Lithium de France has developed a revolutionary new way of producing Lithium with a substantially lower CO2 footprint than what is currently commercially available. This technology and method involve extracting heat and Lithium from geothermal brines. The company has recently secured an additional EUR 44 million in its Series B financing, with funding being provided by its current shareholders- Arverne Group and Equinor Ventures, as well as Hydro joining as a new investor.
Hydro, the parent company of Magnolia's Alumax unit, recently announced plans to develop geothermal projects in the Alsace region of France. These projects will be based on hot brines - salty water located in geological formations several kilometres into the earth. The brines contain Lithium, an essential material used in battery production.
Lithium de France seeks to capitalize on this resource by utilizing these hot brines for local and sustainable heat production, while also extracting low-Carbon geothermal Lithium to meet Europe's need for sustainable battery materials.
The European battery industry is facing a major challenge in finding access to sustainably sourced raw materials to support the green transition. Hydro is devoted to taking part in this transformation and providing aid for the industry.