Summary sheet
The project concerns the development of a pilot line to produce prototype Li-Ion cells in a greenfield building adjacent to the current Xanthi manufacturing plant. The pilot line and RDI facilities are located in Xanthi, in a cohesion (less developed) region in the North-Eastern part of Greece, with a nominal manufacturing capacity of up to 200 MWh. This pilot plant will not produce any commercial-grade cells. The investment covers the period 2022-2025. This is part of a broader research, development and innovation (RDI) project, aimed at developing and producing its own complete Li-Ion battery systems including the cells.
The aim is to finance the promoter's RDI activities for Lithium-ion cells and of capex for pilot line Lithium-ion battery cells manufacturing. Following the successful completion of this pilot project, the promoter envisages to establish a complete production facility to manufacture lithium cells for off road mobility, industrial applications, and energy storage. However, this is not part of the EIB financing scope and the plan is still uncertain and not included in the current business plan.
The EIB project concerns the development of a pilot line to produce prototype Li-Ion cells in a greenfield building adjacent to the promoter's current Xanthi manufacturing plant. The project covers the period 2022 up to 2025 and the pilot line and R&D facilities are located in Xanthi, in a cohesion (less developed) region in the North-Eastern part of Greece. This pilot plant will not produce any commercial-grade cells.
Following the successful completion of this pilot project, the promoter envisages to establish a complete production facility to manufacture lithium. However, this is not part of the EIB financing scope, the plan is still uncertain and not included in the current promoter's business plan.
The project will lead to the development and deployment of innovative process technologies with substantial environmental benefits.
The financing of this project supports RDI activities, which generate significant positive knowledge, technology and environmental externalities, through the creation of innovative processes, products or services and through skills development and upgrading.
This project supports the strengthening of the EU's economic, social and territorial cohesion.
Finally, the EIB financing will allow the promoter to further diversify its funding sources and will complement the approved IPCEI funding. Also, it will provide the promoter with more attractive terms than market alternatives (such as longer tenor and grace period).
The project concerns capital investments in the production lithium-ion cells and batteries, falling under the Directive 2014/52EU amending the Environmental Impact Assessment (EIA) Directive 2011/92/EU. All environmental, health and safety issues including environmental and operational authorisations will be reviewed during the due diligence process. The requirements of the EIA Directive 2014/52/EU amending the Directive 2011/92/EU will be verified during appraisal.
The promoter has been assessed by EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if after the project appraisal, the EIB were to conclude that the promoter is after all subject to EU public procurement legislation (i.e. Directive 2014/24/EC), then the EIB would require the promoter to ensure that contracts for the implementation of the project have been and will be tendered in accordance with the relevant applicable EU procurement legislation Directive 2014/24/EC), as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.