European Green Transition PLC on Monday said it has received permission to advance to the next stage of its work plan at its Swedish asset.

The London-based company is focused on developing a portfolio of green assets across Europe to capitalise on the green energy transition.

Its principle asset, the Olserum rare earth project in Sweden, has been given the green light to go ahead with drilling following a consultation period with landowners and local government authorities.

Beginning in the second half of the year, the company expect to drill up 9,000 metres across 42 separate holes.

Chief Executive Officer Aiden Lavelle said: ‘the approval for our drilling programme at our principal asset...is a key step on the project development timeline. Olserum was designated a project of national interest by the Swedish Geological Survey and has the potential to become a significant European rare earth element resource.’

The work plan approval is valid for two years and includes options to expand the scale of the project at Olserum, as well as the nearby Djupedal prospect.

European Green shares were up 6.2% to 12.74 pence each in London on Monday afternoon.

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