Lithion Recycling Inc. is getting $22.5 million dollars in funding from the Quebec government to further its battery recycling business.
Investissement Québec is making an equity investment of $15 million, and Fonds d’électrification et de changements climatiques is making a grant $7.5 million.
Lithion will use the funds to further its industrialization plan. This includes building and commissioning its first commercial battery dismantling and reprocessing plant in Quebec in 2023. After that it will launch a technology development centre to advance battery chemistries and materials specifications.
A third project is undertaking detailed engineering studies for the construction of Lithion’s own hydrometallurgical plant in Quebec.
At the same time, the company is continuing discussions with partners in the United States and Europe interested in licensing the Lithion solution to serve their local markets.
“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 Center,” said Benoit Couture, Lithion’s president and CEO.
“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 U.S. and Europe.”
Lithion 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.