Arverne and Equinor Ventures Advance Lithium de France With a New Financing Milestone
Regulatory News:
Arverne (FR001400JWR8 - ARVEN), France’s leading provider of geothermal solutions announces the successful completion of a new major financing step for its subsidiary Lithium de France, alongside its longstanding partner Equinor Ventures AS.
This financing takes the form of a convertible note for total amount of up to €33M, maturing on 30 June 20271. Arverne and Equinor Ventures AS will participate at their pro rata share. Upon completion of a qualifying financing of €50M2, the principal amount and accrued and uncapitalized interest shall be converted to Lithium de France shares.
This financing supports the advancement of Lithium de France’s pre-industrial phase, covering drilling activities, the DLE demonstration plant and Front-End Engineering Design (FEED), a key component of the Definitive Feasibility Study (DFS). The project targets annual production of 27,000 tonnes of lithium carbonate, to equip nearly 800,000 electric vehicles, while delivering 2.2 TWh of geothermal heat to businesses, farmers and local authorities in Northern Alsace.
