- Mining company Savannah Resources said it had entered into a services agreement with EIT InnoEnergy, a European Union-backed body promoting the development of the battery sector.

EIT InnoEnergy was responsible for the EBA250 initiative that encompassed the industrial development activities of the European Battery Alliance.

It would assist Savannah Resources secure finance to develop the Mina do Barroso lithium project in Portugal and work with the company to apply state-of-the-art technologies, while providing market intelligence.

EIT InnoEnergy would also introduce potential customers for the project's lithium as a supplement to Savannah's own ongoing negotiations with potential major customers.l and across Europe.

'The agreement confirms the significance the European Commission is placing on domestic lithium production as part of the region's new lithium battery value chain, and the key role Savannah is expected to play in this new industry as sole owner of the most significant conventional lithium deposit in Western Europe,' chief executive David Archer said.

At 8:57am: [LON:SAV] Savannah Resources share price was +0.1p at 2.4p

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