Lithion Recycling Inc. announced the completion of a funding round worth up to $125 million.
The investors are led by IMM Investment Global Limited (IMM Global) and supported by Fondaction and its managed fund, the LCC Fund. IMM Global will join Lithion’s board of directors as a result of the investment.
“This is a crucial moment in Lithion’s history. We are proud to partner with IMM Global as well as with Fondaction who both fully support the construction of this plant and our Technology Development Centre as well as further development of Lithion’s technology and expertise,” said Benoit Couture, president and CEO of Lithion Recycling, Inc.
“Lithion is deeply rooted in Quebec and will play a significant and crucial role in the future of the province’s battery and EV sectors. Furthermore, we are engaged in ongoing discussions with additional investment partners who wish to be part of this financing round.”
With this new capital, Lithion moves forward with construction and commissioning of its first commercial mechanical separation plant in Quebec; the construction and opening of a technology development
centre (TDC); and the completion of detailed engineering studies for the start of construction of Lithion’s Quebec-based hydrometallurgy plant (Hub).
The 7,500 tonnes per year capacity plant and the TDC will create close to 100 jobs in Quebec.
Lithion has developed an efficient and cost-effective process to recover
strategic materials from end-of-life and product waste of lithium-ion batteries. Its process allows up to 95% of battery components to be recovered and treated so that they can be reused by battery manufacturers.
This year, Lithion launches its first commercial recycling operations, drawing on data from a Quebec-based industrial-scale demonstration plant commissioned in January 2020. Its goal is worldwide deployment, through licensing agreements, with a target of 25 recycling plants on a world scale by 2035.