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Hertz Lithium Provides Update on Patent Pending Lithium Extraction Technology with Penn State University and Exploration on Lucky Mica Project
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Hertz Lithium Inc. (CSE: HZ) (FSE: QE2) (the "Company") is pleased to announce that it has exerci
About this update from Hertz Energy Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Hertz Lithium Inc. (CSE: HZ) (FSE: QE2) (the \"Company\") is pleased to announce that it has exercised its option (the \"Option\") to obtain a worldwide, remuneration-bearing, license to utilize the patent rights related to the Penn State Research Foundation's (the \"PSRF\") Novel Process for Extraction of Lithium from Alpha-Spodumene (the \"Technology\"). The Company acquired the Option pursuant to an option agreement with the PSRF dated August 30, 2022, as amended on November 15, 2022 (the \"Option Agreement\"). Now that the Company has exercised the Option, the Company and the PSRF have entered negotiations related to a licence agreement. It is anticipated the license agreement will require that the Company pay the PSRF mutually agreed to royalty and milestone payments based on revenue, if any, generated by the Company from the Technology. Further, the Company and the PSRF are in discussions to further develop and scale-up the technology. Kal Malhi, CEO and Director of the Company notes, \"We are thrilled at the opportunity to work with Penn State University and further develop their innovative technology for an improved technology for extracting lithium from hard rock sources. As many new hard rock lithium deposits are being discovered to meet the demand for lithium, we aim to work with Penn State University's patent pending process to develop improved lithium extraction technologies for hard rock resources across the world.\" The Technology is designed to be a novel process for the extraction of lithium from spodumene. Lithium is one of the critical elements with widespread applications in next-generation technologies, including energy storage, electric mobility and cordless devices.[1] Due to its unique applications, lithium cannot be substituted in most applications; therefore, a steady increase of 8-11% in annual demand is anticipated.[2] Meeting such a rising demand for lithium requires prospecting and processing all viable resources. Two primary sources of lithium are ores (e.g., spodumene mineral) and brine sources. Lithium rich clay sources are considered secondary sources. Additional sources can comprise disposed lithium batteries and other recycled products. Spodumene mineral is the major source of high-purity lithium, however, current technologies do ...