08:39 AM EDT, 05/07/2024 (MT Newswires) -- Rock Tech Lithium ( RCKTF ) , which fell 9% on Monday, early on Tuesday said it will not receive funds from Germany's federal subsidies program for battery cell manufacturing because of budget constraints.

Negotiations to finalize financing programs will continue with the state of Brandenburg regarding Rock Tech's planned lithium refinery there. According to the company, Brandeburg has promised its "full support" and is examining how the plant can be financially supported at the state level.

Rock Tech said it is examining all available options going forward. The company said that planning and basic engineering of the refinery have been finalised with upfront investments of over 40 million euros. Final approval for the construction and operation of the converter is near and construction partners have been secured.