Canadian lithium prospector Rock Tech's plan to raise $400m to open a refinery in Germany has won the support of several leading investors, media reported on Monday. The move is also seen as an important part of the domestic electric vehicle battery industry chain in Europe.
Rock Tech CEO Dirk Harbecke said in an interview with the media that the company is in negotiations with a number of investors and that the Brandenburg and Saxony-Anhalter regions of Germany are seen as possible sites for smelters.
The role of lithium refineries is to convert lithium oxide found in spodumene deposits into battery-grade chemicals needed for cathodes. Having refineries locally can also help European automakers avoid the complex processes involved in transporting highly corrosive materials. Tesla announced plans to build spodumene transfer facilities at the Texas plant last September, making it unusual for automakers to make raw materials directly.
According to the current plan, US $150 million of the new refinery investment will come from capital injections from Rock Tech and outside investors, and will also apply for US $150 million in loans and US $100m in subsidies.
As the main electric vehicle market on a par with China, the necessity of building a local electric vehicle supply chain in Europe has attracted a lot of capital attention. According to media reports, Peter Thiel, Facebook's largest external shareholder, directly subscribed for a 5% stake in the refinery and reserved the option to increase its capital to 10%. Alan Howard, a well-known British investor, also confirmed that he would buy a small portion of the shares. German entrepreneur Ang é Mangye will subscribe for 20% of the shares to become the largest single investor.
Rock Tech told investors that the refinery is expected to be operational by 2023, Tesla, who built the plant on the outskirts of Berlin, is expected to become a strategic partner, while Volkswagen's electric car factory is also in Zvico.
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