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.
Proceeds from the financing will support the construction of Lithion’s first lithium-ion battery recycling plant and a state-of-the-art Technology Development Centre in Quebec.
Lithion Recycling announced it has reached financial close of a first tranche of Series A equity with a strategic group of investors led by IMM Investment Global Limited and supported by Fondaction and its managed fund, the LCC Fund.
The size of the first round is expected to reach up to C$125 million. IMM Global will join the Lithion Recycling’s Board of directors as a result of their significant investment.
With this new capital, Lithion moves forward with three pivotal parts of its industrialization plan which are the construction and commissioning of its first commercial mechanical separation plant (“Spoke”) in Quebec; the construction and opening of a state-of-the-art Technology Development Centre (“TDC”) to continuously develop Lithion’s technology for future battery chemistries and battery materials specifications; and the completion of detailed engineering studies in advance of the near-term start of construction of Lithion’s Quebec-based hydrometallurgy plant (“Hub”).
This announcement marks Lithion’s entry into the commercial phase of its development. This will allow the company to continue its battery materials business with the 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.