Australian battery materials company Talga Group has obtained €150m ($163.82m) in senior debt financing from the European Investment Bank (EIB) for its Vittangi anode project in Luleå municipality in Sweden.

This project will produce 19,500 tonnes per annum of anode for lithium-ion batteries from an integrated mine and anode refinery in northern Sweden.

The company aims to secure up to 60% of project debt. EIB’s financing will form part of the debt funding package being finalised with several export credit agencies, international financial organisations and commercial banks.

Talga Group managing director Mark Thompson said: “We are very pleased to have the support of the European Investment Bank as we move to the execution phase of the Vittangi Anode Project.

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By GlobalData

“The EIB approval represents a key milestone for Talga.”

This April, the company secured an environmental permit from the Swedish Land and Environment Court for the Nunasvaara South natural graphite mine, which is part of the Vittangi project.

The mine was designed to feed the project, which will manufacture anode material. It is expected to be powered by 100% green electricity.

This project is anticipated to create hundreds of local jobs, supporting the country’s shift towards clean energy.

It is also expected to reduce Europe’s dependency on imported battery materials for electric vehicles.

The company is in talks with several European battery technology companies such as ACC and Verkor on supply deals associated with its graphite anode products.