Lithium de France raises EUR 44m in Series B funding

French geothermal heat and lithium start-up Lithium de France this week completed a EUR-44-million (USD 46.6m) Series B financing round, adding Norwegian aluminum and energy group Norsk Hydro ASA (OSE:NHY) to its investors.

Lithium de France plans to develop geothermal projects in the Alsace region in eastern France to supply heat to local communities and produce lithium for electric mobility.

The Series B round also included investment from the company’s current shareholders, France’s Arverne Group, which remains the majority shareholder, and Equinor Ventures.

Hydro said it acquired a 12% stake in Lithium de France for its Hydro Batteries business, which invests in ventures within the battery value chain.

According to Hydro Batteries’ head Morten Halleraker, “direct lithium extraction (DLE) is the most promising way for Europe to develop sustainable local production of lithium.”

(EUR 1 = USD 1.060)

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