Rock Tech Lithium Inc. announced that it is applying for additional public funding from the German government. The German Federal Ministry for Economic Affairs and Climate Action (“BMWK”) has recently released a new program in accordance with the EU Temporary Crisis and Transition Framework (TCTF) allowing the Company to apply for up to € 200million funding to realize its lithium converter project in Europe.

The Company welcomes the German government’s push to substantially increase support for projects along the battery supply chain. The aim of the program is to broadly strengthen the resilience and sustainability of the battery cell manufacturing ecosystem in Germany and Europe.

Dirk Harbecke, Rock Tech’s CEO, says:

We’ve been very well supported by the City of Guben and the State of Brandenburg. They have been excellent partners from the start.

“And that’s why I am also very pleased with the federal government’s funding prospects for the German battery industry, which I see as a key step toward levelling the playing field between European and overseas markets.”

Klaus Schmitz, Rock Tech’s COO, states:

Rock Tech has taken the Project to a high degree of maturity in terms of planning and preparation, so construction could get started soon.

“However, the start of material works is currently contingent on an approval of subsidies from the German federal ministry. We will assess implications to the construction plan throughout the process.”

The Company is in contact with related authorities and is looking forward a positive preliminary funding commitment no later than Q1 2024.

Source: Batteries News