Lithion Recycling obtains funding from Quebec government
EP&T MagazineElectronics Power Supply / Management Environmental Supply Chain battery environmental recycling
$22.5-million in capital will help firm conduct three pivotal steps in industrialization
Lithion Recycling Inc. has received $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 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 to 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 state-of-the-art Technology Development Center 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.
“Lithion aims to provide the industry with the sustainable development technology required to build a circular economy for batteries,” says Benoit Couture, president and CEO of Lithion Recycling Inc. “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.”