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Savannah Resources PLC

Savannah Resources welcomes Franco-German initiative to develop electric vehicle batteries

The consortium will develop next-generation batteries for electric vehicles (EVs).

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Asia produces 85% of the world's lithium ion batteries

Savannah Resources PLC (LON:SAV) has welcomed the establishment by France and Germany of a European cross-border battery cell consortium.

The consortium will develop next-generation batteries for electric vehicles (EVs).

The initial budget will be €5bn to €6bn to come from European companies and state subsidies.

Europe’s share of global battery cell manufacturing is just 3% currently.

Savannah Resources has significant lithium resource at Mina de Barroso in Portugal.

David Archer, Savannah’s chief executive, said: "The Franco-German decision to establish this initiative, as well as the EU's plans to launch a European raw materials investment facility, highlights the seriousness of the EU to strongly commit to increasing its investment in the European lithium battery industry. 

"Mina do Barroso’s relevance and location mean that it has the potential to be an extremely important strategic asset, playing a leading role in ensuring that Europe meets a significant portion of its demand for lithium internally.” 

Quick facts: Savannah Resources PLC

Price: £0.03

Market: AIM
Market Cap: £35.09 m
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Co-products from Savannah Resources' lithium project to generate US$22mln...

Savannah Resources PLC's (LON:SAV) David Archer talks Proactive London's Andrew Scott through some of the findings of a glass and ceramics test work programme on the feldspar and quartz that are found at its Mina do Barroso lithium project in Portugal. The work demonstrates that feldspar and...

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