Larry W. Reaugh, President and Chief Executive Officer of RecycLiCo Battery Materials (“RecycLiCo Battery Materials” or the “Company”), (TSX.V: AMY; OTCQB: AMYZF; FSE: ID4), says that: “The recent (February 26, 2014) announcement by Tesla Motors of the imminent construction of a Lithium Ion Battery Gigafactory has raised the bar for electric vehicle production.” Initial production from the Gigafactory is scheduled for 2017, and full production scheduled for 2020. At full capacity, the facility would manufacture as many lithium-ion batteries as the 2013 total world production.
Arizona, Nevada, New Mexico, and Texas are vying to host the manufacturing facility. Arizona has been most aggressive thus far, as proposed bill 2123 in the state legislature would legalize direct sales of Tesla electric cars within the state. Tucson Arizona (Pima County) has submitted a formal proposal to Tesla to become the host site. Another communication from Mohave County Economic Development to Tesla referred to the Company’s Artillery Peak Manganese Project as an additional incentive to locate in Mohave County.
RecycLiCo Battery Materials has a patented hydrometallurgical process for the commercial production of Electrolytic Manganese Metal (EMM), Electrolytic Manganese Dioxide (EMD), and Chemical Manganese Dioxide (CMD) from manganese resources. EMD and CMD are used in dry cell and rechargeable batteries.
Lithium Manganese Dioxide (LMD), or spinel, rechargeable batteries are currently being used in the Chevy Volt and Nissan Leaf electric vehicles. The Company successfully produced rechargeable lithium-ion battery prototypes utilizing high purity CMD from their Artillery Peak manganese resource in late 2012. CMD eliminates the use of expensive electroplating cells and high electricity costs. Mr. Reaugh concludes by saying that: “It is my belief that Tesla’s project is concrete evidence of the growth and viability of the electric car market, resulting in greater demand for lithium-ion batteries. The need for secure metal feed stocks used to make these batteries; such as Manganese, Cobalt, Lithium, Carbon, and others; will correspondingly increase to meet the soaring electric vehicle demand.”
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.