SURREY, British Columbia, Oct. 04, 2023 (GLOBE NEWSWIRE) -- RecycLiCo Battery Materials Inc. (“RecycLiCo” or the “Company”) (TSX.V: AMY; OTC-US: AMYZF; FSE: ID4), a global leader in sustainable lithium-ion battery recycling technology, is pleased to provide an update on its commercial joint venture in Taiwan with Zenith Chemical Corporation (“Zenith”).
RecycLiCo and Zenith have signed an amended and restated joint venture agreement (the “Amended Agreement”) in order to expedite the set-up of the joint venture. Under the Amended Agreement, the parties will make cash contributions to the joint venture vehicle in accordance with a revised schedule which will facilitate approval by the Taiwanese regulatory authorities. The Amended Agreement will not alter the economic substance of the original agreement as all other terms will remain the same, including the 50/50 ownership of the joint venture by the parties.
RecycLiCo’s management has recently visited the site of the future plant in Taiwan, in addition to holding extensive discussions with Zenith on the technical and business aspects of the plant’s design and construction. Moreover, the parties have identified several battery market opportunities and collaborators that promote the completion of the plant.
“We are very pleased with the progress of the joint venture, and excited by the prospect of a ramp-up in the near future,” said Zarko Meseldzija, CEO of RecycLiCo.
The commercial plant, once completed, will utilize RecycLiCo’s advanced hydrometallurgical recycling process to convert approximately 2,000 tonnes of “black mass” per year into battery-grade lithium-carbonate (“Li2CO3”), lithium hydroxide (“LiOH”), and precursor cathode active material (“pCAM”) for future lithium-ion battery manufacturing.
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 Chemical
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:
Teresa Piorun
Senior Corporate Secretary
Telephone: 778-574-4444
Email: InvestorServices@RecycLiCo.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward–looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
