Arverne Group has completed Series B2 financing for its subsidiary, Lithium de France.
The capital increase was subscribed by Arverne Group and Equinor Ventures for EUR40mn. Following this, Arverne will now hold 64.58% of Lithium de France’s capital.
This funding comes as Lithium de France’s project has entered the pre-industrial phase, with the first drilling operations, the Direct Lithium Extraction (DLE) demo plant and the Front-End Engineering Design (FEED), and integral part of the Definitive Feasibility Study.
Pierre Brossollet, Founder and CEO of Arverne Group, said, “This equity financing is a key step in Lithium de France, whose mission is to accelerate the energy transition for the prosperity of the regions. Lithium is one of the critical metals essential to meeting the expected growth in electric vehicles and battery energy storage. I am delighted with the renewed support from Equinor, whose expertise in subsurface and project execution will be decisive advantages.”
Lisa Rebora, Head of Global Lithium at Equinor, commented, “Equinor is pleased to continue our strategic partnership with Lithium de France and reiterate our confidence in the company by continued investments through our capital venture arm. We look forward to working with Lithium de France to mature another supply chain by deploying Direct Lithium Technology.”