European Lithium (ASX:EUR) has merged with US special purpose acquisition company Sizzle Acquisition Corp, to create new company Critical Metals Corp.

The company will focus on lithium exploration and development, and be listed on NASDAQ.

Upon the closing of the transaction, European Lithium will be issued US%750M worth of ordinary shares in Critical Metals, which represents an approximate 80% ownership interest.

European Lithium says the additional battery-grade lithium in Europe will only continue to accelerate as demand for EV?s (electric vehicles) continues to outstrip supply.