TORONTO, Nov. 28,
2023 /CNW/ - Rock Tech Lithium (the "Company" or
"Rock Tech") (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB)
(WKN: A1XF0V) today announced the signing of a
memorandum of understanding with Electra Battery Materials
Corporation (NASDAQ: ELBM) (TSXV: ELBM) ("Electra") for the
development of a partnership to supply recycled lithium from
Electra's Ontario battery
recycling operations for upgrading to battery-grade lithium
chemicals in Rock Tech's lithium refineries. The companies will
leverage their processing expertise to develop a comprehensive,
fully sustainable closed-loop service offering for the recycling of
lithium-ion battery manufacturing scrap, end-of-life batteries and
black mass.
"Partnering with Rock Tech, a leading lithium development
company with assets in Europe and
North America, complements our
recycling strategy by allowing us to further upgrade recycled
lithium into a battery grade product," said Trent Mell, Electra's CEO. "Collaboration is
crucial to create a closed loop for all critical minerals we
recover in our black mass refining operation. Jointly with Rock
Tech, we are excited to offer an end-to-end battery recycling
solution specifically for the lithium market. The partnership is
expected to generate an additional revenue stream for Electra,
improve our service offering for our clients, and facilitate future
growth."
"At Rock Tech, we are thinking long-term," emphasized
Klaus Schmitz, Rock Tech's COO.
"Developing localized circular lithium value chains is key for
this. Electra is an important partner to realize this vision in
Ontario and North America. Our collaboration unlocks an
important lithium sourcing option and ensures continuous long-term
supply for our plants. Our collaboration ensures that lithium
recovered from the recycling of end-of-life batteries or battery
manufacturing scrap is recovered, refined and returned to the
battery value chain as battery-grade lithium product. An efficient,
environmentally friendly and truly closed recycling loop."
Under the agreement, Electra will supply a portion of the
lithium recovered from its black mass refinery north of
Toronto to Rock Tech for further
processing. Rock Tech will upgrade the lithium to battery-grade
lithium chemicals at its planned lithium converters. This upgrading
step is essential to achieve the quality and purity required to
qualify the final lithium product for re-use in the manufacturing
process of new batteries.
Processing of material is expected to start in 2026. Supply is
expected to increase over time, as Electra continues to expand its
battery materials park in a modular fashion. The companies also
intend to explore additional collaboration opportunities including
possible licensing of Electra's technology for application in
Europe and the co-location of
future battery recycling and lithium refining plants.
Rock Tech is an emerging producer of lithium chemicals through
its planned lithium conversion facility in Germany as well as a second proposed lithium
converter to be developed in Ontario,
Canada. The company is developing a refining platform for
both, primary spodumene concentrate and recycled lithium from
battery and black mass recycling operations.
Electra is currently constructing North America's only cobalt sulphate refinery
in Temiskaming Shores, Ontario as
part of a multipronged effort to co-locate cobalt, nickel,
manganese and black mass refining within the refining complex.
Electra is currently testing its proprietary hydrometallurgical
process to recycle black mass on a plant scale setting, recovering
nickel-cobalt MHP, lithium carbonate, graphite and other commercial
products.
In May 2023, Electra announced its
intention to form a joint venture with the Three Fires Group to
source and process lithium-ion battery waste generated by
manufacturers of current and future battery cells, electric
vehicles, and energy storage systems. Battery waste would be
processed at a facility to be located in southern Ontario to produce black mass feed material
for Electra's refinery to recover lithium, nickel, cobalt, copper,
manganese and graphite.
ABOUT ROCK TECH
Rock Tech is a cleantech company with operations in Canada and Germany on a mission to produce lithium
hydroxide for electric vehicle batteries. The Company plans to
build lithium converters at the door-step of its customers, to
guarantee supply-chain transparency and just-in-time delivery,
beginning with the Company's proposed lithium hydroxide merchant
converter and refinery facility in Guben, Germany. To close the most pressing gap in the
clean mobility story, Rock Tech has gathered one of the strongest
teams in the industry. The Company has adopted strict
environmental, social and governance standards and is developing a
proprietary refining process aimed at further increasing efficiency
and sustainability. Rock Tech plans to source raw material from its
wholly-owned Georgia Lake spodumene project located in the Thunder
Bay Mining District of Ontario,
Canada, as well as procuring it from other responsibly
producing mines. In the years to come, the Company expects to also
source raw material from discarded batteries. Rock Tech's goal: to
create a closed-loop lithium production system.
www.rocktechlithium.com
ABOUT ELECTRA
Electra is a processor of low-carbon, ethically-sourced battery
materials. Currently commissioning North
America's only cobalt sulfate refinery, Electra is executing
a multipronged strategy focused on onshoring the electric vehicle
supply chain. Keys to its strategy are integrating black mass
recycling and nickel sulfate production at Electra's refinery
located north of Toronto,
advancing Iron Creek, its cobalt-copper exploration-stage project
in the Idaho Cobalt Belt, and expanding cobalt sulfate processing
into Bécancour, Quebec. For more information visit
www.ElectraBMC.com.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY NOTE CONCERNING
FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute
"forward-looking information" under applicable securities laws and
are referred to herein as "forward-looking statements". All
statements, other than statements of historical fact, which address
events, results, outcomes or developments that the Company expects
to occur are forward-looking statements. When used in this news
release, words such as "expects", "anticipates", "plans",
"predicts", "believes", "estimates", "intends", "targets",
"projects", "forecasts", "may", "will", "should", "would", "could"
or negative versions thereof and other similar expressions are
intended to identify forward-looking statements. In particular,
this press release contains forward-looking information pertaining
to the outcome in quality and output in quantity of lithium
products recovered from Electra's black mass refinery; access to
capital markets and other sources of financing; the supply and
demand for, deliveries of, and the level and volatility of prices
of, intermediate and final lithium products; future exchange and
interest rates; general business and economic conditions; the costs
and results of development, exploration and operating activities;
Rock Tech's ability to procure supplies and other equipment
necessary for its business; and the accuracy and reliability of
technical data, forecasts, estimates and studies; Rock Tech's
opinions, beliefs and expectations regarding the outcome of the
MoU, the Company's own business strategy, plans and objectives of
management for the Company's operations and properties; and
Electra's accuracy and reliability of technical data, forecasts,
estimates.
Forward-looking statements by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause the actual results to differ
materially from the forward-looking statements. There may also be
other factors that cause actual results to differ materially from
the forward-looking statements, including the risks, uncertainties
and other factors discussed in the Company's most recent
management's discussion and analysis and annual information form
filed with the applicable securities regulators, or known and
unknown risks and uncertainties that may the Company's ability to
access additional funding required to invest in available
opportunities and projects (including the Converter Project and the
Georgia Lake Project).
No assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, and the
Company cautions the reader not to place undue reliance upon any
such forward-looking statements. The Company does not intend, nor
does it assume any obligation to update or revise any of the
forward-looking statements, whether as a result of new information,
changes in assumptions, future events or otherwise, except to the
extent required by applicable law.
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SOURCE Rock Tech Lithium Inc.