Larry W. Reaugh, President and C.E.O. of RecycLiCo Battery Materials (“AMY” or the “Company”) is pleased to report on new government actions that will positively affect lithium-ion battery recycling around the world.
The regulations and government actions are as follows:
- The European Union has approved 3.2 billion euros ($3.5 billion) in subsidies for seven member countries (Belgium, Finland, France, Germany, Italy, Poland, and Sweden) that want to develop the electric battery industry and challenge China’s supremacy.
- China’s Ministry of Industry and Information Technology has recently set new regulations requiring that electric vehicle batteries being recycled must achieve recoveries of 98% nickel, cobalt and manganese and 85% of lithium. Smelting batteries return about 50-60% of the Cobalt and very little of the other metals with no recovery of lithium.
“These actions are signs that governments are looking to incentivize innovation,” said Larry Reaugh, CEO of RecycLiCo Battery Materials. “AMY’s pilot testing has surpassed the proposed recovery regulations and positions the Company front and center in the effort to meet these new government objectives”.
AMY also reports progress on other fronts:
AMY’s research and development contractor, Kemetco Research, has obtained preliminary results on the previously announced cathode material samples received from the U.S. Department of Energy’s Critical Materials Institute project and will be announced when completed.
“These new regulations and Government expenditures which focus on recycling lithium-ion batteries greatly favours AMY’s Pilot Plant tested technology as a leader in closed circuit green technology for recovering of up to 100% of the valuable cathode metals,” said Mr. Reaugh
The Company expects to receive a proposal from Kemetco on the budget for the Preliminary Economic Assessment and engineering design in the near term. In support of the commercialization plans, RecycLiCo Battery Materials is applying for a second grant application from the Canadian Government. RecycLiCo Battery Materials looks forward to providing updates to these initiatives when possible.
About RecycLiCo Battery Materials
RecycLiCo Battery Materials is a critical metals company focused on the recycling of lithium-ion batteries with the RecycLiCo™ Patented Process. The process provides high extraction of cathode metals, such as lithium, cobalt, nickel, manganese, and aluminum at high purity, with minimal processing steps. RecycLiCo Battery Materials aims to commercialize its breakthrough RecycLiCo™ Patented Process and become an industry leader in recycling cathode materials from spent 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.