Presidential Action under U.S. Defense Production Act Authorizes Comprehensive Funding Tools for Battery-Grade Lithium, Cobalt, Nickel, Manganese and Graphite
AMY’s Patented RecycLiCo™ Process Recovers Four of the Five Defense-Critical Materials
RecycLiCo Battery Materials (“AMY” or the “Company“), a pioneer in advanced lithium-ion battery cathode recycling-upcycling, commented today on the decision by U.S. President Joe Biden to invoke the Defense Production Act (DPA) of 1950 to accelerate the development of essential battery materials including lithium, cobalt, nickel, manganese and graphite. Under the longstanding DPA authorities, the Presidential action carries the force of U.S. federal law and opens up funding authorities ranging from federal loans and loan guarantees, to grants financing production facilities, material purchases, and futures contracts.
The Presidential Determination states in part:
“The United States depends on unreliable foreign sources for many of the strategic and critical materials necessary for the clean energy transition — such as lithium, nickel, cobalt, graphite, and manganese for large-capacity batteries. Demand for such materials is projected to increase exponentially as the world transitions to a clean energy economy.
To promote the national defense, the United States must secure a reliable and sustainable supply of such strategic and critical materials. The United States shall, to the extent consistent with the promotion of the national defense, secure the supply of such materials through environmentally responsible domestic mining and processing; recycling and reuse; and recovery from unconventional and secondary sources, such as mine waste. [emphasis added]”
“President Biden’s official DPA statement recognizes recycling as an essential means of meeting rising demand,” said Larry Reaugh, CEO of RecycLiCo Battery Materials. “RecycLiCo Battery Materials, with its RecycLiCo™ process, is well-positioned to deliver sustainable, high-purity supply of four of the five materials the U.S. Government is now prioritizing as essential to its national defense.”
RecycLiCo Battery Materials’s patented RecycLiCo™ process is focused on the recycling and upcycling of lithium-ion battery waste into high-value battery cathode materials. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese to create high-value lithium-ion battery materials for reintegration into new lithium-ion battery manufacturing.
The Company announced on March 15, 2022, that its RecycLiCo™ demonstration plant in Vancouver, Canada is ready for commissioning and is scheduled to demonstrate continuous operating conditions with a processing capacity of 500 kg/day of lithium-ion battery waste once commissioning is complete. The demonstration plant is intended to validate scaled-up processing efficiencies and qualify the lithium, nickel, manganese, and cobalt battery materials produced. The company’s ultimate business model is to license and joint venture its patented RecycLiCo™ process to battery and electric vehicle manufacturers as an in-house technology that offers a circular supply of critical battery minerals.
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.
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.