EVM Joins Forces with RCF to Propel Development of Saudi Lithium Plant

EV Metals Group plc (EVM), a prominent global leader in battery chemicals and technology, has announced a strategic partnership with RCF Management L.L.C, which manages Resource Capital Funds (RCF). RCF, a prominent private equity firm specializing in the global mining and minerals sector, will collaborate with EVM and its wholly owned subsidiary, EV Metals Arabia Company for Industry (EVM Arabia). This partnership aims to explore investment opportunities for EVM Arabia’s Lithium Chemicals Plant (LCP) Project located in Yanbu Industrial City, Saudi Arabia.

The LCP Project is nearing the construction phase for its first two processing trains, which will have the capacity to produce 50,000 tonnes per annum (tpa) of high-purity Lithium Hydroxide Monohydrate. This production will cater to customers in Europe and the Middle East. The agreement marks a significant step forward for EVM as it seeks to secure funding and strategic support from RCF, leveraging their extensive global network and expertise.

Luke Fitzgerald, CEO of EV Metals Group plc, highlighted the value of RCF’s involvement, stating, “RCF brings a wealth of experience in mining and metals investment, supported by a team with deep industry and financial knowledge. Their successful track record and substantial asset portfolio make them an essential partner as we progress with our Lithium Chemicals Plant Project in Saudi Arabia.”

Martin Valdes, Head of Private Equity at RCF, expressed enthusiasm for the partnership, noting, “At Resource Capital Funds, we are committed to supporting the energy transition and expanding refinery capacity for critical minerals outside China. The strategic advantages offered by Saudi Arabia, including its downstream expertise, prime location, and competitive energy costs, make this lithium chemical plant project highly strategic and economically viable. We are excited to work with EVM on advancing this promising initiative.”

This partnership underscores EVM's commitment to enhancing its lithium production capabilities and RCF’s dedication to fostering growth in the critical minerals sector. The collaboration aims to drive forward the development of the LCP Project, positioning it as a key player in the global lithium market.

EV Metals Group PLC is a leader in the battery chemicals industry, specializing in the production of high-purity chemicals crucial for creating cathode active materials in rechargeable lithium-ion batteries. These batteries are vital for electric vehicles and renewable energy storage systems. By supplying these key materials, EV Metals Group supports the global transition to clean energy and advancements in electric mobility. With a diverse and international customer base, the company plays a significant role in enhancing energy storage solutions and driving innovation in the electric vehicle sector. Its commitment to quality and sustainability positions it as a key player in the global energy and transportation markets.