Lithium de France has obtained €40 million in funding for the pre-industrial stage of its geothermal lithium project.

The Arverne Group has announced that its subsidiary, Lithium de France, has successfully completed a Series B2 financing round, raising EUR 40 million in capital. This funding coincides with the geothermal lithium project moving into the pre-industrial phase, which includes initiating drilling operations, launching the direct lithium extraction (DLE) demonstrator, and finalizing the preliminary design.

The capital increase was backed by Arverne and Equinor Ventures, both of whom are existing investors in Lithium de France. Following this funding, Arverne Group will own 64.58% of the company, while Equinor Ventures will hold 24.40%.

Recently, Arverne announced the commencement of construction for the DLE demonstrator in the Bas-Rhin region of Alsace, France, aimed at validating the lithium extraction from geothermal brines in the Rhine Basin while optimizing yield, selectivity, and minimizing environmental impact.

“This capital financing transaction is a critical milestone for the Lithium de France project, which aims to accelerate the energy transition for regional prosperity,” stated Pierre Brossollet, Founder and CEO of Arverne.

“Lithium is vital for supporting the anticipated growth in electric vehicles and battery energy storage. I appreciate Equinor's continued support, as their geological expertise and project execution experience are invaluable,” he added.

“Equinor is happy to maintain its strategic partnership with Lithium de France and reaffirms its trust in the company through continued investment from our venture capital arm. We look forward to collaborating with Lithium de France to establish a new supply chain using DLE technology,” commented Lisa Rebora, Equinor’s Global Head of Lithium.