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Highlights:
- Infinity Lithium's Spanish subsidiary signs an agreement with Cáceres Chamber to invest in a start-up project.
- The project is likely to promote innovation and sustainability in the early-stage business of lithium, energy, and renewable energy.
- Shares of Infinity Lithium have been trading in green after this ASX update.
Australian lithium producer, Infinity Lithium Corporation (ASX:INF), on Friday, announced that the company's 100%-owned subsidiary in Spain, Extremadura New Energies, has struck a deal with the Cáceres Chamber of Commerce corporation to invest in a new start-up incubator or accelerator project.
After this announcement was shared by Infinity Lithium on the ASX, the share price of the company surged by 4.761% to trade at AU$0.11 per share during morning trading hours (10:30 AM AEST) on the ASX today (8 July).
Details of the agreement between Extremadura and the Cáceres:
Infinity Lithium's announcement reveals that Extremadura and Caceres will be collaborating towards investing in a project which is expected to allow innovative and sustainable early-stage business in the lithium, energy, and renewable energy industries.
Furthermore, it was also informed that the headquarter of the project would be at the Cáceres Chamber of Commerce itself.
Image source: © Malpetr | Megapixl.com
According to terms of the agreement, the direct allocation of funds from Infinity Lithium's Spanish subsidiary from the new project will be converted into equity in the selected start-up companies to collaborate in their growth and future.
Infinity also stated in the announcement that the agreement is expected to complement other collaborations with other important local and regional stakeholders, including training and educational programs.
What did the management say?
Ramón Jiménez, CEO, Extremadura, said that the company would continue to focus on prioritising opportunities related to the San José Lithium Project in the locality of Cáceres. Meanwhile, when it comes to Extremadura’s agreement with Caceras, the company will aim to promote business opportunities directly or indirectly related to integrated industrial project through the project.
An overview of Infinity Lithium’s share price performance on the ASX:
Lithium industry has flourished significantly in past couple of months, primarily due to the pressure of manufacturing more electronic vehicles in the world. Though there were several economic and geopolitical challenges on the way, the lithium industry stood strong and managed to overcome these challenges.
However, due to some unknown reasons, the share price performance of Infinity Lithium seems disappointing. In a year’s time, Infinity’s share price has fallen by more than 8% on the ASX. On YTD basis, Infinity’s price fell over 42% (as of 10:30 AM AEST on the ASX today, 8 July).
