Lithium de France closes EUR 8m series A funding round

Drilling rig of Arverne Drilling on a winter day (source: company)

Lithium de France (LDF), a subsidiary of Arverne Group, developing a lithium extraction model from geothermal brines, finalised recently its first capital increase, allowing it to strengthen its base while accelerating its development program, as the company announced in a release today.

Equinor Ventures, Norwegian company Equinor’s corporate venture arm, led the capital increase, followed by other industrials such as Langa international, or finance companies such as Pacifico or Fourstones, as well as a few business angels. Arverne Group still is LDF majority shareholder, and LDF remains and will remain a French company.

LDF creates value from geothermal brines through both the extraction of calories, distributed in short-circuit for industries, agriculture, or other energy consumers, and the extraction of lithium that, once transformed, will be distributed to battery factories. Geothermal energy is by nature decarbonated and renewable, thus those resources present low environmental and carbon footprint. Furthermore, the volume of lithium production expected could allow France to secure its supply of this strategic metal.

Pierre Brossollet, president and founder of LDF declared: “Arverne Group is proud and excited to welcome and embark its new partners in the great adventure of geothermal lithium. Thanks to this operation, and major energy or industry companies joining the project, we are entering a new growth phase in which LDF will unfold its roadmap for lithium production, essential and critical material for the battery industry. Geothermal and lithium, two pillars of the energy transition are combined in this unique French initiative. Many thanks to Equinor Ventures, Langa international, Fourstones and the many other actors trusting us.”

Source: company release by email