Savannah Signs MoU With ABB Related To Decarbonisation Study For Lithium Project; Stock Up

(RTTNews) - Savannah Resources PLC (SAV.L), a lithium development company, announced Wednesday that it has signed a Memorandum of Understanding or MoU with Swiss technology major ABB Ltd.(ANN.L, ABB).

The MoU is in connection with the previously announced Decarbonisation Study for the construction and operation of Savannah's Barroso Lithium Project in northern Portugal.

Savannah said it is undertaking a Definitive Feasibility Study or DFS for the construction of a lithium concentrate production facility in northern Portugal.

The decarbonisation strategy, which was formally announced on March 3, is part of Savannah's commitment to move towards net zero Scope 1 and 2 emissions for the Project.

Under the early-stage agreement, ABB will apply its technical expertise to outline production control and process solutions for lithium concentrate production and integrated spodumene mining operations. This is in line with Savannah's target of zero emission operations by 2030.

Savannah will also work towards binding agreements with ABB in relation to electrification, automation and digital solutions in the future.

In London, Savannah shares were trading at 4.55 pence, up 2.25 percent.