Rock Tech Lithium (TSXV: RCK; OTCQX: RCKTF) and Electra Battery Materials (TSXV: ELBM; NASDAQ: ELBM) want to become partners to supply recycled lithium from Electra’s plant north of Toronto. The recycled lithium would be upgraded to battery-grade lithium chemicals in Rock Tech’s refineries. As partners, the two companies will leverage their processing expertise to develop a comprehensive, fully sustainable closed-loop service for the recycling of lithium-ion battery manufacturing scrap, end-of-life batteries, and black mass.
Under the agreement, Electra will supply a portion of the lithium recovered from its black mass refinery to Rock Tech for further processing. Rock Tech will upgrade the lithium to battery-grade lithium chemicals at its planned lithium converters. This upgrading step is essential to achieve the quality and purity required to qualify the final lithium product for re-use in the manufacturing process of new batteries.
Processing of material is expected to start in 2026. Supply is expected to increase over time, as Electra expands its battery materials park in a modular fashion. The companies also intend to explore additional collaboration opportunities including possible licensing of Electra's technology for application in Europe and the co-location of future battery recycling and lithium refining plants.
In May 2023, Electra announced its intention to form a joint venture with the Three Fires Group to source and process lithium-ion battery waste generated by manufacturers of current and future battery cells, electric vehicles, and energy storage systems. Battery waste would be processed at a facility to be located in southern Ontario to produce black mass feed material for Electra's refinery to recover lithium, nickel, cobalt, copper, manganese, and graphite.
Rock Tech intends to source 50% of its raw materials from recycled sources by 2030. Visit www.RockTechLithium.com.
April 25, 2024
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