RecycLiCo Battery Materials (“AMY” or the “Company“), a pioneer in advanced lithium-ion battery cathode recycling-upcycling, is pleased to announce that it has signed a Memorandum of Understanding (MOU) with Zenith Chemical Corporation (“Zenith“) to develop a strategic expansion plan into Asia’s lithium-ion battery recycling market. Zenith is an existing producer of high purity nickel sulphate for the lithium-ion battery supply chain and aims to expand its business into battery recycling and high-value cathode precursor materials. Zenith’s existing nickel processing plant in Taiwan can produce up to 45,000 tons/year of nickel sulphate.
Under the agreed-upon MOU, RecycLiCo Battery Materials plans to produce high-nickel cathode precursors, such as NMC811 and NMC9x, at the existing pilot and demonstration plant scale. Zenith would then validate the material specifications and convert the precursor material into cathode active material to test its properties in lithium-ion batteries. RecycLiCo Battery Materials and Zenith Chemical will work together to achieve the timeline and milestones that would mutually benefit AMY’s patented technology and Zenith’s robust supply network.
“Zenith is an existing producer of battery materials for the lithium-ion battery supply chain and their incredible supply network and market intelligence offers an intangible benefit for the RecycLiCo™ processes expansion into Asia’s battery supply chain,” said Larry Reaugh, President and CEO of RecycLiCo Battery Materials. “I’m excited for the opportunity to demonstrate the RecycLiCo™ process capability to produce high-nickel cathode precursor product and I’m confident in our ability to achieve the desired specifications.”
About RecycLiCo Battery Materials
RecycLiCo Battery Materials is a critical minerals company focused on the upcycling of lithium-ion battery waste into high-value battery cathode materials, using its closed-loop RecycLiCo™ Patented Process. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese, the upcycling process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
RecycLiCo Battery Materials’s original patented manganese process is the cornerstone technology in the development of the Company’s lithium-ion battery cathode recycling process, RecycLiCo™.
About Zenith Chemical Corporation
Zenith Chemical Corporation is focused on the production of nickel based chemicals, including high purity nickel sulfate for the lithium-ion battery application at two plants in Taichung, Taiwan. In addition to nickel chemicals, Zenith is also leveraging its position in the lithium battery supply chain to develop additives in anode and separator to improve performance of the battery.
On behalf of Management
RecycLiCo Battery Materials
Larry W. Reaugh
President and Chief Executive Officer
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Toronto Stock Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.