TIDMSAV
RNS Number : 9878N
Savannah Resources PLC
27 May 2020
27 May 2020
Savannah Resources Plc ('Savannah' or the 'Company')
Agreement with EIT InnoEnergy
Savannah Selected to Receive Support from the Business
Investment Platform
Savannah is pleased to announce that it has entered into an
'Added Value Services Agreement' with EIT InnoEnergy, as part of
the Business Investment Platform ('BIP') launched last September to
accelerate the development of a European battery industry. EIT
InnoEnergy is the innovation engine for sustainable energy across
Europe and is responsible for the EBA250 initiative, the industrial
development activities of the European Battery Alliance ('EBA'). To
further accelerate transactions in the European battery value
chain, EIT InnoEnergy has co-designed the BIP with industrial
players and public and private financial institutions from the EBA
network. The ultimate goal is to facilitate an additional flow of
EUR70 billion of investment into EU based battery-related projects
required to meet peak European demand by 2023.
Through the Added Value Services Agreement (the 'Agreement'),
EIT InnoEnergy will:
-- Assist Savannah in securing finance to develop the Mina do
Barroso project ('Mina do Barroso' or the 'Project'). This may
include providing access to public and private sources of finance
across equity, debt, and other funding mechanisms, such as grants.
EIT InnoEnergy is also able to make investments itself in
innovative companies operating in the sustainable energy
sector.
-- Work together with Savannah to apply the most innovative and
sustainable state-of-the-art technologies and processes in the
Project.
-- Introduce potential customers for the Project's lithium as a
supplement to Savannah's own ongoing negotiations with potential
major customers.
-- Introduce potential strategic Project investors.
-- Provide market intelligence and wider strategic support in
areas such as government and social engagement, regulation and
permitting, and industrial partnering through its team in Portugal
and across Europe.
To view the full press release including any maps, figures or
tables, please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9878N_1-2020-5-26.pdf
David Archer, Savannah's Chief Executive Officer said, "Savannah
is one of the first lithium raw material development companies in
Europe to secure an Agreement with EIT InnoEnergy to provide
services as part of the Business Investment Platform. The Agreement
confirms the significance the European Commission is placing on
domestic lithium production as part of the region's new lithium
battery value chain, and the key role Savannah is expected to play
in this new industry as sole owner of the most significant
conventional lithium deposit in Western Europe. We now look forward
to working closely with EIT InnoEnergy's staff in Portugal and
across Europe to give Savannah even greater access to the finance,
customer base and technical innovation which now exists within the
EU's rapidly evolving lithium battery industry.
"Savannah has been engaged with the European Commission's
agencies and initiatives dedicated to the creation of a sustainable
lithium battery value chain in Europe since 2018. This includes our
significant involvement in two technical initiatives being run by
EIT RawMaterials, as well as the European Battery Alliance. Today's
Agreement with EIT InnoEnergy formalises our working relationship
with the group which manages EBA's industrial development programme
and its Business Investment Platform. Savannah entered the formal
selection process to become a recipient of services offered through
BIP late last year and we see conclusion of this Agreement as
another important step towards the development of Mina do
Barroso.
"The services offered through the BIP include assistance with
sourcing financing for the project, introduction to potential
commercial partners from within the EBA membership, and provision
of independent, strategic support in a number of other areas
critical to the project's development, such as political
engagement. EIT InnoEnergy has a strong track record in the
sustainable energy sector for securing finance for growth companies
and supporting their development. The group is targeting EUR70
billion of transactions through the BIP between 2019 and 2023 to
meet the upcoming demand for batteries expected by the end of that
period .
"EIT InnoEnergy's offering ideally complements our own ongoing
efforts to commercialise the Project as well as those of our
existing advisers and others within the wider Savannah network who
are helping us make the Project a reality. Mina do Barroso can
provide Europe with a secure and sustainable supply of lithium and
bring benefits to our local stakeholders and Portugal as a whole.
Furthermore, we believe, that the e-mobility revolution in Europe,
accompanied by a new regional battery industry, fits very well with
the call made last month by EU Commission President Ursula von der
Leyen and 17 European climate and environment ministers that the
European Green Deal be central to a resilient recovery after
COVID-19 ."
EIT InnoEnergy's CEO, Diego Pavia said, "EIT InnoEnergy strives
to push Savannah's project in Portugal to completion and further in
order to support the development of a sustainable and regional
lithium-ion battery supply chain in Europe. Our support will bring
the project towards the final phase of its development and allow
European customers, including battery and automakers, to source
lithium chemicals in the EU."
Other information
About the European Battery Alliance ('EBA'):
T he European Battery Alliance was launched in October 2017 by
European Commission Vice President Maroš efčovič. The EBA is
building a strategic value chain for batteries in Europe starting
with raw materials and progressing all the way to electric
vehicles. For Europe, the establishment of a complete domestic
battery value chain is imperative for a clean energy transition and
a competitive industry. The annual market value is estimated at
EUR250 billion from 2025 onwards.
About EBA250 and the Business Investment Platform ('BIP'):
The industrial development programme of the EBA, the EBA250 , is
managed by EIT InnoEnergy. Since its formation in late 2017, EBA250
has grown rapidly into a project-driven community now bringing
together more than 400 industrial and innovation groups, including
miners, chemical companies, producers of battery materials, cells
and batteries, end users such as auto manufacturers, recyclers, and
public and private financing groups, all with the common objective
of building a strong and competitive European battery industry.
Following the output of the initial EBA250 stakeholder meetings
and feedback from EBA250 members (including from Savannah) on how
to bridge the gap between financial institutions and businesses,
EIT InnoEnergy, with the support of selected financial institutions
and industrial partners, designed the Business Investment Platform
to accelerate the transactions between investee and investors in
the lithium-ion battery value chain, including mining, while also
reducing the business and investment risk to the investee and
investor respectively. The BIP was launched at an event in Brussels
on 25 September 2019 which Savannah staff attended.
About EIT InnoEnergy:
EIT InnoEnergy is the innovation engine for sustainable energy
across Europe. EIT InnoEnergy is supported by the European
Institute of Innovation and Technology (EIT), a body of the
European Union . To date EIT InnoEnergy has invested EUR275.5m in
the sustainable energy sector, supported the development of more
than 480 products, partnered with more than 500 groups across
Europe and supported over 330 start-ups. In total, the projects EIT
InnoEnergy has been involved with have raised EUR2.5Bn of finance
and currently have forecasted sales of over EUR5Bn.
The Group has been entrusted by the European Commission to drive
forward and promote the industrial development activities of the
European Battery Alliance through its EBA250 programme and manage
the EBA's Business Investment Platform to help create a well-funded
and fully functioning battery supply chain within Europe.
Regulatory Information
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**S**
For further information please visit www.savannahresources.com
or contact:
Savannah Resources PLC Tel: +44 20 7117 2489
David Archer, CEO
SP Angel Corporate Finance LLP (Nominated Tel: +44 20 3470 0470
Advisor)
David Hignell / Charlie Bouverat
finnCap Ltd (Joint Broker) Tel: +44 20 7220 0500
Christopher Raggett
Whitman Howard (Joint Broker) Tel: +44 20 7659 1225
Grant Barker
St Brides Partners Ltd (Financial PR) Tel: +44 20 7236 1177
Charlotte Page / Cosima Akerman
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a
portfolio of energy metals projects - lithium in Portugal and
copper in Oman - together with the world-class Mutamba Heavy
Mineral Sands Project in Mozambique, which is being developed in a
consortium with the global major Rio Tinto. The Board is committed
to serving the interests of its shareholders and to delivering
outcomes that will improve the lives of the communities we work
with and our staff.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol 'FWB: SAV', and the
Börse Stuttgart (SWB) under the ticker 'SAV'.
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