Last tranche of investment from EIT Energy is in

Published 02-SEP-2022 13:11 P.M.

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Earlier this week our European battery metals Investment Euro Manganese (ASX: EMN) received the third and final investment tranche from EIT InnoEnergy of €62.5K ($91.7K).

EMN will now issue an additional 237,077 shares to EIT InnoEnergy at a share price of CAD 34 cents (AU$0.38).

EMN said that the issuance of the 237,077 Shares is not expected to occur until early January 2023, with a four month and one day statutory hold (escrow) period from the day they are issued.

EIT InnoEnergy was founded by the European Institute of Innovation and Technology (EIT) and is the largest accelerator of sustainable energies in Europe.

This is the same EU backed group that invested in Vulcan Energy Resources at 51c in May of 2020.

Read our full rundown on EIT InnoEnergy’s initial investment in EMN.

What’s next for EMN?

We’re hoping that the arrival of the demonstration plant’s modules in the Czech Republic will happen imminently.

Congestion and strikes at the Port of Hamburg delayed the arrival and unloading of the demonstration plant shipments, but those strikes look to be easing.