Statkraft lined up as green power provider for Czech manganese project

Sep 27, 2022 01:50 PM ET
  • Euro Manganese Inc (CVE: EMN) on Monday claimed it has actually authorized a non-binding memorandum of understanding (MoU) with Statkraft for the long-term supply of renewable power for its Chvaletice manganese project in the Czech Republic.
Statkraft lined up as green power provider for Czech manganese project
Image: Statkraft

The agreement is expected to cause a lasting power purchase agreement (PPA), with power supply attended start in between 2026 and 2027.

The MoU with the Norwegian state-owned renewable energy manufacturer is the outcome of Euro Manganese's work with Baringa Allies LLP over the last year on long-term power pricing forecasts for the EU as well as on recognizing strategic green energy distributors. It supports the net-zero targets of the manganese project.

Canada-based Euro Manganese wants to create high-purity manganese for the electric vehicle (EV) market as well as other high-technology applications. Its flagship Chvaletice project intends to re-process manganese from waste, or tailings, from a decommissioned mine. It is said to be the only sizable resource of manganese in the EU.

Euro Manganese's head of state as well as chief executive Matthew James kept in mind that power is a large input for the project as well as sourcing 100% renewable energy will reduce its carbon impact by regarding 50%. He added using green energy will certainly likewise offer the firm a competitive advantage in discussions with clients who are focused on the carbon impact of their supply chain.

"The ability to source competitively priced and green electricity is a key component of investment choices made by energy-intensive sectors desiring to establish new business endeavors," commented Statkraft's senior vice president trading as well as origination Carsten Poppinga.

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