Euro Manganese Inc welcomes EIT InnoEnergy’s support to help bring Chvaletice
The Chvaletice Project is the only sizeable manganese resource in the EU, with the potential to provide up to 50% of projected European demand for high-purity manganese for batteries in 2025 and 28% of anticipated 2030 requirements.
() () (OTCMKTS:EROMF) (FRA:E06) has welcomed the support of European Union-backed organisation EIT InnoEnergy to bring its Chvaletice Manganese Project to fruition.
The Chvaletice project is the only sizeable manganese resource in the European Union, with the potential to provide up to 50% of projected European demand for high-purity manganese for batteries in 2025 and 28% of anticipated 2030 requirements.
As such, the project represents a milestone moment for the European automotive industry, which is looking to reduce the risk of potential critical raw material supply disruptions.
“Grateful for support”
Euro Manganese chief executive officer Marco Romero said: “High purity manganese is an essential raw material for batteries and will be required in the vast majority of European electric vehicles.
“We have seen projected demand rise steadily over the past two years with current estimates pointing to a more than ten-fold increase in global demand in 2030 compared to 2021.
“We are grateful to have EIT InnoEnergy’s support to bring our project to fruition.
“Once operational, we expect the project to be one of the world’s largest producers of high purity manganese with an expected annual output of around 50,000 tonnes for 25 years.”
Opportunity to secure self-sufficiency
EIT InnoEnergy chief executive officer Diego Pavia said: “Euro Manganese’s proposed development represents a unique opportunity for Europe to secure a measure of self-sufficiency in manganese, which is a critical battery raw material.
“This project exemplifies the ideals of a sustainable, circular economy.
“By reprocessing existing mining waste located in Europe, the project will have a much smaller environmental footprint than other existing sources of battery-grade manganese, which are typically mined and shipped from Africa, processed in China and then transported to Europe.
“The project also stands to remediate the impacts of past mining activity by recycling industrial waste.
“These are significant environmental benefits. By fully integrating Chvaletice Manganese into the European battery value chain, we seek to strengthen the foundation of Europe’s green and electric future.”
EIT InnoEnergy support
In addition to an initial investment of €250,000, EIT InnoEnergy will help Euro Manganese secure financing for full-scale commercial development up to €362 million for the commercial development of the Chvaletice Manganese Project.
EIT InnoEnergy will also help Euro Manganese secure customer offtake agreements by leveraging its network of industrial partners, including the European Battery Alliance (EBA), for which it runs the industrial development program.
Local community support
The Chvaletice Manganese Project continues to earn local community support.
Mayor of Trnávka village Radek Valenta, said: “Our village council has endorsed the Chvaletice Manganese Project because of the potential economic and environmental benefits it will bring to our community and the surrounding area.
“It will be good to finally see the remediation of the Chvaletice mine site.
“We are also pleased that the project is getting support from EIT InnoEnergy, because it could help Europe and the Czech Republic further their goals for a greener economy.”
EIT InnoEnergy, the world’s largest sustainable energy innovation engine, was established in 2010. It is supported by the European Institute of Innovation and Technology (EIT).
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