RecycLiCo Battery Materials Inc. (“RecycLiCo” or the “Company”) is pleased to announce that the TSX Venture Exchange (the “Exchange”) has provided acceptance of the joint venture agreement (the “Agreement”) between the Company and Zenith Chemical Corporation (“Zenith”).
Under the Agreement, RecycLiCo and Zenith will enter into a 50-50 joint venture to build a 2,000 metric ton per year lithium-ion battery recycling plant in Taiwan. The plant, estimated to cost US$25 million, will use RecycLiCo’s proprietary process to convert lithium-ion battery waste into lithium-ion battery cathode precursor, lithium hydroxide and other related products. As consideration for contributing half of the capital required, Zenith will hold a 50% interest in the joint venture. As consideration for contributing 40% of the capital required and granting a license for its technology, RecycLiCo will also hold a 50% in the joint venture.
As an incentive to enter the joint venture, RecycLiCo will receive a royalty on net product sales for the first eight years, while Zenith will receive 4,000,000 RecycLiCo shares and 6,000,000 share purchase warrants (which will not be exercisable until the 30th day following the date on which construction of the recycling plant is completed). The warrants will have a five-year term, and an exercise price of $0.35 per share. All securities issued under the Agreement will have a four-month hold period.
About RecycLiCo
RecycLiCo Battery Materials Inc. is a battery materials company specializing in sustainable lithium-ion battery recycling and materials production. RecycLiCo has developed advanced technologies that efficiently recover battery-grade materials from lithium-ion batteries, addressing the global demand for environmentally friendly solutions in energy storage. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process turns lithium-ion battery waste into battery-grade cathode precursor, lithium hydroxide, and lithium carbonate for direct integration into the re-manufacturing of new lithium-ion batteries.
About Zenith
Zenith Chemical Corporation, a Taiwanese company, specializes in the production of nickel-based chemicals, including high-purity nickel sulfate for lithium-ion batteries. With a strong focus on serving the lithium-ion battery industry, Zenith’s products have gained recognition and qualification from major cathode producers worldwide. The company also has a shareholding partnership with Hanwa Co., Ltd, a large publicly traded Japanese distribution company known for its expertise in lithium-ion battery-related materials. Additionally, Zenith collaborates, through a joint venture, with Central Glass Co., Ltd., a leading Japanese publicly traded company specializing in fluorine-based chemicals, and cater to the semiconductor and lithium-ion battery markets.
For more information, please contact:
Investor Services
Telephone: 778-574-4444
Email: InvestorServices@recyclico.com
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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.
