Core Lithium (ASX:CXO) joins European Battery Alliance

• Northern Territory lithium developer Core Lithium (CXO) has been accepted as a member of the European Battery Alliance (EBA250)
• The alliance includes 440 major players in the battery industry who want to collaborate on initiatives and promote growth in the sector
• It is anticipating the sustainable battery industry will grow to €250 billion (around A$400 billion) per year
• EBA250 says Core was welcomed into the alliance due to Australia’s resources and knowledge
• Core’s acceptance into the alliance follows its first European offtake with Transmine Trading
• Company shares remain steady on the market today and are trading for 4.8 cents each

Northern Territory lithium developer Core Lithium (CXO) has been accepted as a member of the European Battery Alliance (EBA250).

The alliance is an organisation that is committed to a competitive and sustainable battery industry in Europe by 2025. It includes 440 major players that are wanting to collaborate on initiatives to promote the growth in the sector.

EBA250 is anticipating the sustainable battery industry will grow to €250 billion (around A$400 billion) per year.

Managing Director Stephen Biggins says these new connections will provide further opportunities for the company to grow in the European market.

“The EBA250 is a unique meeting platform for industry participants and being a
member will provide us with greater regulatory insights, market intelligence and
all-important connections to business development contacts, as well as the
Alliance’s funding and financial partners,” he said.

Currently, Core’s big offtake partners have been situated in Asia, however, Core plans on expanding its global presence in 2022.

“Europe is focused on building sophisticated capabilities across the entire battery
value chain – from raw and active materials, through to cell manufacturing and
machinery, battery packs systems, applications and recycling. It is a market
emerging at just the right time for Core,” Stephen added.

EBA250 Manager Thore Sekkenes says Core was welcomed into the alliance due to Australia’s resources and knowledge.

“In Australia, there is a lot of expertise when it comes to lithium, and thus it is of
crucial importance for us to build the bridge between Europe and Australia,” he said.

“We want to actively collaborate with Australian companies, like Core Lithium,
willing to establish progressive trade relationships here,” he added.

Core’s acceptance into the alliance follows the recent agreement with Geneva-based Transmin Trading. The companies signed a non-binding offtake term sheet for the supply of 50,000 tonnes per annum of spodumene concentrate from Core’s Finniss Lithium Project in the Northern Territory.

The company is aiming to complete offtake arrangements and have the Finniss project construction-ready by this year.

Company shares remain steady on the market today and are trading for 4.8 cents each at 1:05 pm AEST.