RecycLiCo, Zenith in Taiwan recycling joint venture

RecycLiCo, Zenith in Taiwan recycling joint venture

RecycLiCo, Zenith in Taiwan recycling joint venture 1024 576 Energy Storage Journal

June 15, 2023: RecycLiCo Battery Materials said on June 12 it was launching a 50-50 lithium ion battery recycling joint venture in Taiwan with Zenith Chemical Corporation.

The companies will build their initial 2,000 tonne per year commercial plant at an estimated cost of $25 million.

RecycLiCo said both sides had agreed on phased funding for the project.

Zenith’s 50% contribution will be funded in cash while RecycLiCo will have a 10% stake in the joint venture in return for a licence of its technology, with of its interest paid in cash.

Zenith specializes in the production of nickel-based chemicals, including high-purity nickel sulfate for lithium ion batteries.

The partners said that since signing a memorandum of understanding last February, they have worked with an unnamed battery materials company to validate RecycLiCo’s process and confirm the quality of it high-nickel cathode precursors and lithium chemical products.

Under the joint venture deal, which is subject to various regulatory approvals, RecycLiCo will receive a royalty on net product sales and Zenith will receive four million RecycLiCo shares and six million share purchase warrants.

RecycLiCo chairman Paul Hildebrand said Zenith’s technical expertise in chemical processing would help the partnership progress rapidly to starting operations.

RecycLiCo was formerly American Manganese until the company announced its name change last October.