European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTC:EMHLF) has announced the appointment of Luthardt Investment GmbH, a Berlin-based consultancy specializing in energy production and government relations to advance the Cinovec Lithium Project in the Czech Republic.
Luthardt Investment GmbH is led by Sven Luthardt, who has broad business experience supporting companies in Europe and the Middle East, particularly in the field of Government relations. Luthardt is a member of the Green Hydrogen Taskforce, a collaborative effort between energy, industrial technology, and new technology companies in Germany along with Australia's Forrest Future Industries.
In a statement, European Metals executive chairman Keith Coughlan said: "I am very pleased to be working with Sven and Ludhardt Investments to advance the Cinovec Project and to bring to pass the vision which we have always had of Cinovec supplying a sizable portion of the Lithium needed to fulfil Europe's lofty ambitions of becoming battery self-sufficient.
"European Metals is well positioned for the rising demand in battery materials, developing the Cinovec project, the largest hard rock lithium project in the EU, which is centrally located on the Cech Republic's border with Germany. The project possesses excellent ESG credentials which will enable the production of battery grade lithium hydroxide and carbonate with potentially one of the lowest CO2 emissions, globally."
On 14 September 2022, European Commission President Ursula von der Leyen announced the European Critical Raw Materials Act, aimed at securing a sustainable supply of critical raw materials for Europe and lessening European dependency on certain other suppliers.
The company said it believes that these initiatives will benefit the Cinovec Project, which has the potential to be a significant European source of lithium.
Luthardt Investment will advise the company as well as the project company, Geomet, on EU and national government-level relations, with the aim of promoting official support of the Cinovec Project.
In consideration for the engagement, European Metals will issue Luthardt Investment a total of 2 million unlisted options to acquire fully paid ordinary shares, exercisable at AU$0.80 on or before 30 December 2023, which shall vest in two equal tranches, subject to milestones tied to achievement of downstream partnerships and policy support for the project in Germany being met.