June 15, 2023: RecycLiCo Battery Supplies stated on June 12 that it launched a 50-50 lithium ion battery recycling three way partnership in Taiwan with Zenith Chemical Company.
The businesses will construct their preliminary 2,000 ton per 12 months industrial plant at an estimated value of $25 million.
RecycLiCo stated that the 2 sides agreed on phased funding for the mission.
Zenith’s 50% contribution can be funded in money whereas RecycLiCo can have a ten% stake within the three way partnership in trade for a license to its expertise, with curiosity paid in money.
Zenith specializes within the manufacturing of nickel-based chemical substances, together with high-purity nickel sulfate for lithium ion batteries.
The companions stated that since signing a memorandum of understanding in February, they’ve been working with an unnamed battery supplies firm to validate RecycLiCo’s course of and make sure the standard of its high- nickel cathode precursors and lithium chemical merchandise.
Beneath the three way partnership deal, which is topic to varied regulatory approvals, RecycLiCo will obtain a royalty on internet product gross sales and Zenith will obtain 4 million RecycLiCo shares and 6 million share buy warrants.
RecycLiCo chairman Paul Hildebrand stated that Zenith’s technical experience in chemical processing will assist the partnership quickly progress to the beginning of operations.
RecycLiCo was previously American Manganese till the corporate introduced its identify change in October.