EIB funding approval for Talga’s Swedish battery anode project

Photo: Talga Group

Battery materials company Talga Group announces that the European Investment Bank (“EIB”) board has approved €150 million senior debt funding to underpin Talga’s Vittangi Anode Project in Sweden.

The Project will use 100% renewable electricity to produce an initial 19,500tpa of green anode for  lithium-ion batteries from an integrated mine and anode refinery operation in northern Sweden

The Project is expected to create hundreds of jobs locally, contribute to  Sweden’s efforts to transition to a clean energy economy and help reduce Europe’s reliance on  imported battery materials for electric vehicles (EVs).

Talga is targeting Project debt gearing of up to 60% and the EIB’s financing, subject to final  negotiations, will form part of the debt financing package being finalised with multiple leading export  credit agencies, commercial banks and international financial institutions. Following this approval, loan  documentation is being agreed between the EIB and Talga, including customary terms and conditions  for a financing facility of this nature.

As the lending arm of the European Union, the EIB is one of the world’s largest providers of climate  finance. The EIB’s approval follows extensive project due diligence, including market, technical,  environmental and social due diligence.

Talga Managing Director, Mark Thompson, commented: “We are very pleased to  have the support of the European Investment Bank as we move to execution phase  of the Vittangi Anode Project. The EIB approval represents a key milestone for Talga,  cornerstoning our debt financing package and affirming the underlying strength of our  business and capabilities to produce world-class critical battery materials in Europe.”