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Electra Battery Materials and Rock Tech Lithium sign Lithium Recycling MOU for North American Market
TORONTO / Nov 28, 2023 / Business Wire / Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra”) today announced the signing of a memorand
About this update from Electra Battery Materials Corp
[{"type":"text","content":"TORONTO / Nov 28, 2023 / Business Wire / Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra”) today announced the signing of a memorandum of understanding with Rock Tech Lithium (TSX-V:RCK) for the development of a partnership to supply recycled lithium from Electra’s Ontario battery recycling operations for upgrading to battery-grade lithium chemicals in Rock Tech’s lithium refineries. The companies will leverage their processing expertise to develop a comprehensive, fully sustainable closed-loop service offering for the recycling of lithium-ion battery manufacturing scrap, end-of-life batteries and black mass. “Partnering with Rock Tech, a leading lithium development company with assets in Europe and North America, complements our recycling strategy by allowing us to further upgrade recycled lithium into a battery grade product,” said Trent Mell, Electra’s CEO. “Collaboration is crucial to create a closed loop for all critical minerals we recover in our black mass refining operation. Jointly with Rock Tech, we are excited to offer an end-to-end battery recycling solution specifically for the lithium market. The partnership is expected to generate an additional revenue stream for Electra, improve our service offering for our clients, and facilitate future growth.” “At Rock Tech, we are thinking long-term,” emphasized Klaus Schmitz, Rock Tech’s COO. “Developing localized circular lithium value chains is key for this. Electra is an important partner to realize this vision in Ontario and North America. Our collaboration unlocks an important lithium sourcing option and ensures continuous long-term supply for our plants. Our collaboration ensures that lithium recovered from the recycling of end-of-life batteries or battery manufacturing scrap is recovered, refined and returned to the battery value chain as battery-grade lithium product. An efficient, environmentally friendly and truly closed recycling loop.” Under the agreement, Electra will supply a portion of the lithium recovered from its black mass refinery north of Toronto 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 manufacturin...