Lithion Recycling receives CA$22.5 million in funding from Quebec Government
Lithion Recycling Inc. has received CA$22.5 million dollars in funding from the Quebec government, including a 15 million equity investment in the company's capital stock through Investissement Québec and $7.5 million in grants from the Fonds d'électrification et de changements climatiques. Lithion has also received funds earlier this year from Quebec-based Fondaction, and from Korea's IMM Investment Global, an investment fund that already has established relationships with cathode, cell, and battery pack manufacturers namely, LG, Samsung, SK Group, POSCO, and Hyundai.
This new infusion of capital will help Lithion carry out the three pivotal steps in its industrialization plan:
- Building and commissioning its first commercial battery dismantling and reprocessing plant ("Spoke") in Quebec in 2023.
- Building and launching a technology development centre to continue to develop Lithion's technology for future battery chemistries and materials specifications.
- Carrying out detailed engineering studies for the construction of Lithion's own hydrometallurgical plant ("Hub") in Quebec. At the same time, the company is continuing its discussions with partners in the United States and Europe interested in licensing the Lithion solution to serve their local markets.
The support of the Quebec government reflects its commitment to developing Quebec's battery industry as the demand for battery materials increases. End-of-life batteries and production wastes will be sustainably re-valorized, reducing carbon emissions from new battery production.
"We are very pleased to confirm today the Quebec government's participation in our project to build a commercial lithium-ion battery recycling plant and a technology development centre. Lithion aims to provide the industry with the sustainable development technology required to build a circular economy for batteries. Technological advances and process optimization effected in our demonstration plant over the past two years increased the attractiveness to global players in the transportation electrification ecosystem who want to license the Lithion solution to address the needs of their local markets. We are entering an exciting phase of our business development here, in Asia, and, soon, in the US and Europe," said Benoit Couture, President and CEO of Lithion Recycling Inc.