MONTREAL–(BUSINESS WIRE)–Lithion Recycling, Inc. (“Lithion”) is proud to announce that it has entered into an agreement with IS Dongseo Company Ltd (“ISD”), a leading Korea-based ESG company with an environmental business segment , for an exclusive business right to use its lithium-ion battery recycling technology in the Korean market.
This partnership is the first in a series that Lithion aims to enter into in the coming years for the use of its advanced and environmentally friendly technology in global markets. This will allow ISD to offer an environmentally friendly and cost-effective recycling solution to close the loop of battery materials in Korea. IS Dongseo plans to start construction this year on its first Korean plant capable of processing around 7,500 tonnes of used batteries per year (equivalent to around 20,000 electric car batteries). This first phase will be followed by a second, with the construction of a hydrometallurgy plant based on Lithion technology, enabling ISD to supply more than 15,000 tonnes of battery-grade materials per year.
“We are extremely proud to announce our first strategic partnership and license agreement with such a strong partner as IS Dongseo, an experienced battery recycling plant operator firmly rooted in the Korean market. This exclusive agreement confirms the strong potential of the technology and business model that we have developed over the years and will enable the use of our “Spoke” and “Hub” technologies in a major market for the lithium-ion battery sector. Our licensing strategy will ensure rapid deployment of our technology globally as we leverage local and regional strengths rather than developing and operating all plants on our own. This is a very exciting step in our quest to provide sustainable, cost-effective and locally appropriate solutions for lithium-ion battery recycling worldwide.
– Benoit Couture, President and CEO of Lithion Recycling, Inc.
“Recognizing that Lithion has the best battery recycling technology and following extensive technological due diligence, we are delighted to partner with them to ensure full competitiveness in the recycling of batteries and battery waste. Korea is home to many large and dynamic players in the lithium-ion battery and battery materials supply chain. As these companies expand rapidly in Asia, the United States and Europe, our partnership with Lithion opens up tremendous opportunities for global growth for both of us.
– Jeon, Hyung Joon, Battery Recycling Business Manager at IS Dongseo Company Ltd
The need for lithium-ion battery recycling is growing exponentially and Lithion’s commercial plants have scalable capabilities to accommodate the size of the market. Because the volume of end-of-life batteries is spread across the globe, Lithion is considering large-scale international deployment, which will be through licensing to strategic operating partners. The goal is to commission more than 25 battery recycling plants based on Lithion’s technology over the next 15 years in cities and jurisdictions where the need is most urgent.
This is the second major announcement for Lithion in two days. On January 24, the company announced that it had reached financial close on a first large tranche of a Series A financing of up to $125 million that will be invested in the construction of its first lithium-ion battery recycling plant and a state-of-the-art technology development center in Quebec, Canada as well as leading its hydrometallurgical technology plant to innovate.
About Lithion Recycling, Inc.
Lithion has developed an efficient and cost-effective process to recover critical end-of-life materials and waste products from lithium-ion batteries. Lithion’s process recovers and treats up to 95% of battery components so that they can be reused by battery manufacturers, helping to complete the life cycle of batteries. This technology accelerates the transition to green energy and helps achieve decarbonization goals by reducing pressure on natural resource extraction. This year, Lithion is launching its first commercial recycling operations, drawing on data from a Quebec industrial-scale demonstration plant commissioned in January 2020. Its goal is global deployment, through licensing agreements, with a target of 20 recycling plants worldwide. . For more information, please visit: https://www.lithionrecycling.com/
About IS Dongseo Company Ltd
Established in 1975, IS Dongseo is a leading construction group in South Korea. More than 1,000 employees and executives from the construction and manufacturing divisions maximize synergy through the deployment of advanced technologies and cooperative initiatives in each area. IS Dongseo is expanding into the global market by diversifying its business by entering the environmental, shipping and other sectors. Aligned with industry leading subsidiaries like Insun and KR energy and others, IS Dongseo is expanding its business territory to recycling activities addressing ESG issues. For more information, please visit: http://isdongseo.co.kr/en/