LITHION RECYCLING ANNOUNCES $22.5 MILLION IN FUNDING FROM THE QUEBEC GOVERNMENT
Lithion is proud to announce that it has received $22.5 million in financing from the Government of Quebec, including a $15 million equity investment through Investissement Quebec and a $7.5 million grant through the Fonds d’électrification et de changements climatiques.
With this new capital, Lithion will continue to deploy the three main phases of its industrialization plan, namely the construction and commissioning of its first commercial battery dismantling and crushing plant (“Spoke”) in Quebec in 2023 the construction and opening of a state-of-the-art technology development center to continuously develop Lithion’s technology for future battery chemistries and materials specifications; and the completion of detailed engineering studies that will allow it to begin construction of its hydrometallurgy plant (“Hub”) in Quebec. In parallel, the Company is continuing discussions with partners in the United States and Europe interested in selecting and licensing the Lithion solution to serve their local markets.
The support of the Quebec government is in line with its commitment to create and develop the battery industry in Quebec to meet the anticipated strong demand for battery materials while ensuring that end-of-life batteries and production waste are recycled in a sustainable manner while reducing the carbon footprint of new batteries.
“We are very pleased to confirm today the participation of the Quebec government in our project to build a commercial lithium-ion battery recycling plant and technology development center. Lithion’s ambition is to provide the industry with the most sustainable technology to create a business model around battery materials that meets the principles of the circular economy. In this regard, the process optimization and technological advancements made over the past two years at our demonstration plant have increased the appeal to global players within the transportation electrification ecosystem who are showing great interest in selecting and licensing the Lithion solution to serve their local market needs. We are entering an exciting phase of our business development here in Asia and soon in the US and Europe.”
– Benoit Couture, President and CEO of Recyclage Lithion Inc.