SURREY, British Columbia, Nov. 30, 2023 (GLOBE NEWSWIRE) -- RecycLiCo Battery Materials Inc. ("RecycLiCo" or the "Company"), (TSX.V: AMY | OTCQB: AMYZF| FSE: ID4) a pioneer in the field of sustainable lithium-ion battery recycling technology, is proud to announce that it has received investment approval from the Taiwan Department of Investment Review for its 50/50 joint venture with Zenith Chemical Corporation. The joint venture company, named Recyclico Zenith Battery Materials Technology Co., solidifies a significant partnership in the Company's expansion within the Asian market.
Following the comprehensive and thorough approval process by the Taiwan Department of Investment Review, RecycLiCo has committed to an initial capital injection of NTD 24,000,000. This initial investment lays the foundation for the project, with subsequent investments to be determined by the joint venture company as needed throughout the construction and commissioning phases.
The joint venture has initiated its project planning, with Zenith Chemical leading the site preparation work in Taiwan and RecycLiCo is concurrently preparing a 2,000 mt/year modular plant in Vancouver. This modular plant is pivotal to the project and is intended to be transported to Taiwan for the final commissioning. The advanced battery recycling technology employed by the joint venture will be capable of processing black mass into high-value products, such as battery-grade lithium chemicals and precursor cathode active material (pCAM), thus positioning the joint venture at the forefront of advanced battery recycling solutions.
The project is expected to contribute to the Company's global expansion in sustainable recycling solutions. Moreover, the modular construction approach of the plant allows for flexible scalability, enabling the joint venture to efficiently expand its capacity in response to the growing Asian battery recycling market.
About RecycLiCo
RecycLiCo Battery Materials Inc. is a battery materials company specializing in sustainable lithium-ion battery recycling and materials production. RecycLiCo has developed advanced technologies that efficiently recover battery-grade materials from lithium-ion batteries, addressing the global demand for environmentally friendly solutions in energy storage. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process turns lithium-ion battery waste into battery-grade cathode precursor, lithium hydroxide, and lithium carbonate for direct integration into the re-manufacturing of new lithium-ion batteries.
About Zenith
Zenith Chemical Corporation, a Taiwanese company, specializes in the production of nickel-based chemicals, including high-purity nickel sulfate for lithium-ion batteries. With a strong focus on serving the lithium-ion battery industry, Zenith's products have gained recognition and qualification from major cathode producers worldwide. The company also has a shareholding partnership with Hanwa Co., Ltd, a large publicly traded Japanese distribution company known for its expertise in lithium-ion battery-related materials. Additionally, Zenith collaborates, through a joint venture, with Central Glass Co., Ltd., a leading Japanese publicly traded company specializing in fluorine-based chemicals and cater to the semiconductor and lithium-ion battery markets.
For more information, please contact:
Teresa Piorun
Senior Corporate Secretary
Telephone: 778-574-4444
Email: InvestorServices@RecycLiCo.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
