SURREY, British Columbia, Jan. 09, 2023 (GLOBE NEWSWIRE) -- RecycLiCo Battery Materials Inc. (“RecycLiCo” or “Company”), a battery materials company focused on the development of novel lithium-ion battery recycling and upcycling technologies, is pleased to announce the signing of a Memorandum of Understanding (“MOU”) with Korean electronics manufacturer, Sonid Inc. (“Sonid”). The MOU represents promising steps towards a potential commercial joint venture or technology licensing arrangement of RecycLiCo’s technology.
The MOU outlines the strategic partnership and business framework for establishing a lithium-ion battery recycling facility. Both companies will leverage their strengths and engage in plans regarding the commercial collection, pretreatment, and hydrometallurgical processing of end-of-life batteries. This partnership represents an exciting opportunity for both companies to expand their operations and contribute to the sustainability of the lithium-ion battery supply chain.
“RecycLiCo is a company with excellent lithium-ion battery recycling technology," said Choi Si-Myung, CEO of Sonid. "We are excited to work with them to bring this technology to the Korean market through a commercial joint venture or technology licensing arrangement. This partnership will allow us to increase the efficiency and sustainability of our operations, and we look forward to working with RecycLiCo to establish a lithium-ion battery recycling facility.”
“The signing of this MOU marks the beginning of a potential partnership that could bring the RecycLiCo technology to commercial scale,” commented Zarko Meseldzija, CEO and Director of RecycLiCo Battery Materials Inc. “By coupling RecycLiCo’s innovative recycling-upcycling technology with Sonid’s commercial expertise, we are laying the foundation for a sustainable and efficient lithium-ion battery supply chain.”
Sonid Inc. is a Korea-based listed company KOSDAQ:A060230 principally engaged in the manufacture and sale of electronic materials. The Company operates its business through four segments. The Electronic Material segment is mainly engaged in the manufacture and sale of optical clear resins (OCRs), resins, silver pastes, etchant and others. The Electronic Component segment is mainly engaged in the manufacture and sale of near field communication (NFC) antennas and radio frequency identification (RFID) tags and others. The Real Estate segment is mainly engaged in the rental of non-residential buildings. The Other segment is mainly engaged in the electronic payment business and others (Website: http://www.sonid.co.kr).
About RecycLiCo Battery Materials
RecycLiCo Battery Materials Inc. is a battery materials company focused on recycling and upcycling lithium-ion battery waste. With minimal processing steps and up to 100% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
For more information, please contact:
Investor Services
Telephone: 778-574-4444
Email: InvestorServices@recyclico.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward–looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
