France’s Lithium de France is entering the race to extract lithium for electric vehicle (EV) batteries from geothermal brine, competing with Vulcan Energy Resources. The Bischwiller-based company recently announced the closure of a €44m ($51.9m) Series B financing round, following €8m in previous funding. Lithium de France intends to extract geothermal lithium for the automotive sector and geothermal energy for municipalities.
According to the company, initial exploration work was completed in H2 2022, and it now plans to invest further and expand its geothermal and lithium extraction capacity. Lithium de France has raised €52m in total, including investments from French Arverne Group, which holds a majority stake, and Equinor Ventures. Norwegian aluminium manufacturer Hydro is also investing in the firm for the first time, having previously backed the battery materials firm Vianode.
See also: Vulcan Energy Announces Results of Definitive Feasibility Study for CO2-Free Lithium Project
Pierre Brossollet, President of Lithium de France, called the Series B financing a “decisive and structuring step for the development of Lithium de France”. CEO Guillaume Borrel added that “geothermal waters of the French subsoil constitute a clean and inexhaustible resource of geothermal heat for local use, and allow the extraction of lithium, the potential of which is well known in the Bas-Rhin region and the importance of the needs in France and throughout Europe”.
However, Lithium de France faces competition in Alsace from Vulcan Energy Resources. The German-Australian lithium producer founded a French subsidiary last autumn for the development of exploration areas in Alsace, although it is currently focusing on the German side in the Upper Rhine Graben. With rising demand for EV batteries, lithium extraction is a promising sector for investors, and companies are racing to get ahead.
