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Avalon Advanced Materials has attracted a strategic European partner to invest $63 million to speed its lithium projects into mines and to move towards establishing a processing facility in Thunder Bay.
The money will be rolled out in tranches, including upfront financing of $13 million to purchase a piece of industrial land in Thunder Bay to construct the lithium processing plant to make a battery-grade material for electric vehicle companies. Some of the money is earmarked to tackle a $1.9-million company debt and for working capital purposes.In recent months and weeks, Avalon has added new management to rekindle investor interest in the company.
In recent years, Avalon has had promoted the idea of building a lithium hydroxide chemical processing plant in Thunder Bay, but they have yet to announce the acquisition of an industrial property. Avalon is out to serve two customer bases: the high-strength glass and ceramic market, and the North American electric vehicle sector.
“Sibelco's investment is a major vote of confidence in our vision, resources and capabilities by a respected and established international operator — and now partner."
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