Lithion Recycling Announces the Closing of a First Significant Tranche of up to $125 Million Series A Financing Led by IMM Investment Global and Supported by Fondaction
Summary
With today’s announcement, Lithion enters the commercial phase of its development and will continue the Company’s journey to close the loop on battery materials with the full support of its investors and partners. The 7,500 metric tons per year capacity Spoke and the TDC will create close to 100 jobs in Quebec and will support the global deployment of Lithion’s technology through licensing agreements. "Lithion’s positive impact potential is colossal, as its technology makes it possible to recycle more than 95% of the strategic metals contained in the batteries of electric vehicles, thereby preventing the negative effects of their extraction. This year, Lithion launches its first commercial recycling operations, drawing on data from a highly successful Quebec industrial-scale demonstration plant commissioned in January 2020. A forerunner in sustainable finance for the past 25 years, Fondaction brings together individuals that are mobilizing for the positive transformation of society, taking action to make Québec’s economy more equitable, inclusive, green and successful.