European Green Transition debuts on London Stock Exchange with strong investor support
April 11, 2024 at 12:04 pm
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European Green Transition (LON: EGT) CEO Aiden Lavelle and CFO Jack Kelly joined Proactive's Stephen Gunnion as the company started trading on the London Stock Exchange after raising over £6.45 million, surpassing its initial target.
The funds are seen as a strong market endorsement of EGT's business model aimed at developing a green economy asset portfolio across Europe. This portfolio includes projects from metals refining and recycling to potential solar and wind assets, with a focus on acquiring distressed assets to complement their 100% owned projects. A key asset is the Olserum rare earth deposit in Sweden.
Lavelle, a chartered geologist with 16 years of industry experience, particularly in Sweden, highlighted the significance of rare earth elements in the green transition, noting their crucial role in high-efficiency motors, electric vehicle motors, and wind turbines. The market for these elements is expected to double over the next decade. The Olserum asset, with an initial focus on a historic resource of 7.8 million tonnes at 8.6% rare earth dioxide, is part of this strategic positioning.
Kelly outlined the company's M&A model focused on acquiring distressed and undervalued green economy assets in Europe, de-risking them, and then selling them with a structure that includes upfront cash and future royalty interests. The company has identified post-IPO M&A opportunities across critical minerals, wind, and solar projects, along with rehabilitation and processing projects.
EGT is currently exploring a range of these opportunities, including a mine and processing facility currently in administration and a potential rehabilitation project in Western Europe.
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European Green Transition plc is developing a portfolio of green economy assets in Europe. The Companyâs portfolio consists of projects located in Sweden and Germany, both of which are supportive jurisdictions for the development of green economy projects. The Companyâs projects include Olserum Rare Earths, Pajala Project, and Saxony Projects. Its critical metals for the Companyâs projects include certain rare earth elements (REEs), copper, cobalt, silver, lithium, and the mineral graphite. The Companyâs principal asset, the Olserum deposit in southern Sweden, contains critical REEs, namely dysprosium, neodymium, and praseodymium. The Pajala project in Northern Sweden consists of three contiguous licences covering 52 square kilometers (km2), which has indicated that copper and high-grade graphite are present. The Saxony critical metals projects, consisting of the 14 km2 Eichigt licence and the 381 km2 Marienberg licence, are located in south-eastern Germany.