Issued on behalf of Battery X Metals Inc.
VANCOUVER – USA News GroupNews Commentary – In order to help usher in the global green energy transition, the US Department of Energy (DOE) has announced more than $3 billion in funding to back battery materials extraction and processing, battery production, and recycling in a bid to boost the domestic production of advanced batteries and battery materials in the USA. The timing of the move comes ahead of some dire warnings regarding batteries in the growing electric vehicles (EVs) market, which is expected to yield more than 12 million tons of lithium-ion batteries that will no longer work in EVs by 2030. So far, the DOE has issued $725 million to six US lithium-ion battery recycling projects, while several other developments have been recently announced by lithium-ion recycling and life-extending companies including: Battery X Metals, Inc. (CSE: BATX) (OTCQB: BATXF), Li-Cycle Holdings Corp. (NYSE: LICY), American Battery Technology Company (NASDAQ: ABAT), American Resources Corporation (NASDAQ: AREC), and Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM).
The article continued: According to analysts at Straits Research,the Global Lithium-Ion Battery Recycling Market was valued at US$13.93 billion in 2023, and is expected to grow at a CAGR of 16.1% through to reaching US$53.40 billion in 2032. Fastmarkets’ analysts have estimated there was around 155,000 tonnes of lithium-ion battery shredding capacity in the US in 2023, which is forecast to rise to almost 230,000 tonnes in 2024.
Battery X Metals’ Portfolio Company LIBRT Strengthens Partnership with BJPN to Accelerate Development of EV Battery Diagnostic and Rebalancing Technology
Battery X Metals, Inc. (CSE: BATX) (OTCQB: BATXF), a clean energy technology and exploration company, focused on developing proprietary technologies to extend the lifespan of electric vehicle (EV) batteries, recover battery-grade materials from end-of-life lithium-ion batteries, and exploring battery and critical metal resources, announced today that its portfolio company Lithium-ion Battery Renewable Technologies (LIBRT) entered into a Second Amended Agreement with Beijing Pengneng Science & Technology (BJPN), strengthening it’s already established strategic partnership and advancing the development of its innovative lithium-ion and EV battery diagnostic and rebalancing machine. Both companies have agreed upon amendments to clarify intellectual property ownership, payment obligations, and exclusive licensing rights.
LIBRT and BJPN are progressing toward the development of Prototype 2.0, with an anticipated delivery by April 2025. The next-generation prototype aims to diagnose and improve lithium-ion and EV battery performance, extending battery lifecycles, with testing and validation to follow.
Prototype 2.0 represents the culmination of several years of research and collaboration between LIBRT and BJPN, integrating innovative hardware and software capabilities designed to diagnose battery issues and optimize the performance of lithium-ion and EV batteries. LIBRT’s Prototype 2.0 future development will represent a pivotal milestone in the company's product development lifecycle.
The BJPN announcement comes just days after Battery X Metals announced an amended agreement with a Global Top 20 Ranked University to accelerate its eco-friendly battery-grade material recovery technology. The agreement focuses on optimizing Battery X Metals' proprietary froth flotation process, a sustainable and energy-efficient method for recovering critical battery-grade materials such as graphite, lithium, nickel, and cobalt from black mass. This technology aims to enhance battery-grade material recovery while reducing environmental impact and energy consumption.
CONTINUED… Read this and more news for Battery X Metals athttps://usanewsgroup.com/2024/09/26/profitable-solutions-in-ev-battery-recycling-and-lifespan-extension-technology/
Other recent industry developments and happenings in the market include:
Back in August, Li-Cycle Holdings Corp. (NYSE: LICY), a leading global lithium-ion battery resource recovery company, announced its Q2 2024 Operational and Financial Results, highlighting its ongoing close work with the US Department of Energy (DOE) towards definitive financing documentation for a loan for gross proceeds of up to $375 million; and a record quarterly revenue of $8.4 million, representing a 133% year-over-year increase. Approximately 40% of Li-Cycle’s global feedstock in Q2 2024 were EV battery packs and four of its top five customers were among the largest global EV OEMs.
"During the second quarter of 2024, we continued to work closely with the U.S. Department of Energy on key technical, financial and legal workstreams to advance towards reaching an agreement on definitive financing documentation, execution thereof, and satisfying conditions precedent for loan disbursements," said Ajay Kochhar, President and CEO of Li-Cycle. "We have advanced the go-forward strategy for the Rochester Hub project and gained continued commercial traction across our business to build on our position as a leading global recycling partner."
American Battery Technology Company (NASDAQ: ABAT), an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, recently announced that successfully was selected by the DOE for a highly competitive $150 million federal grant to be applied towards the construction of its second commercial-scale lithium-ion battery recycling facility. This new facility is designed to process approximately 100,000 tonnes of battery materials per year from its battery manufacturer, automotive OEM, and community partners.
"We are extremely honored to be selected for this government investment to further expand our domestic battery recycling operations, and after having gone through nearly one-year of technical and economic evaluation, we appreciate the level of diligence that the government employed in making this decision," said Ryan Melsert, CEO of American Battery Technology Company. "We are greatly appreciative of the confidence and support we have received from our partners throughout this process and are energized to move forward with our feedstock supply, product offtake, and strategic stakeholders in this critical expansion of our domestic capabilities."
American Resources Corporation (NASDAQ: AREC) through its subsidiary American Metals LLC, developers of a full circular supply chain utilizing recycling solutions for end-of-life battery and magnet material, recently announced the signing an MOU with ReElement Technologies, and India’s largest producer of sustainable critical minerals LOHUM Cleantech Ltd to establish the USA’s first fully integrated battery recycling, repurposing, and critical material production facility. The 15.5 GWh facility will be set up with an initial investment of US$30 Million, and lead to the creation of 250 green jobs, and is expected to initially supply over 315,000 electric vehicles annually with continued growth based on feedstock availability.
"We have been working with LOHUM to figure out how to leverage our unique capabilities and world-leading technologies at ReElement along with the innovative and scaled up approach to critical mineral's recycling and refining that LOHUM has established,” said Mark Jensen, Chairman of American Metals and ReElement Technologies. “We are pleased that ReElement and LOHUM are partnering in a joint venture to leverage both ReElement's and LOHUM's vast experience in fully recycling lithium-ion batteries."
Electra Battery Materials Corporation (NASDAQ: ELBM) (TSXV: ELBM), a processor of low-carbon, ethically-sourced battery materials, recently announced it had achieved technical grade lithium carbonate of greater than 99% purity, from its black mass recycling project.
“Our proprietary hydrometallurgical process has demonstrated repeatedly that it can successfully produce high-quality, saleable products, now including lithium carbonate, along with nickel-cobalt MHP and graphite,” said Trent Mell, CEO of Electra. “This achievement of technical grade lithium carbonate at a plant scale may be the first such achievement in North America. It is critical we not only continue to develop the onshore supply chain, but also a closed-loop solution to battery recycling, as EV adoption rates increase.”
The announcement comes shortly after Electra announcing an update on its financing strategy for North America’s first battery grade cobalt refinery, announcing that it has received a non-binding term sheet for a $20 million prepayment facility from an arms-length strategic player in the battery materials sector.
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