Li-Metal Provides Update on Next-Generation Battery Technologies in Partnership with the Ontario Government.
Li-Metal Corp. (CSE:LIM)(OTCQB:LIMFF)(FSE:5ZO) (“Li-Metal” or the “Company”), a developer of lithium metal anode and lithium metal production technologies, today provided additional information on its project to develop next-generation battery materials critical to the shift to electrification, with support from the Ontario government through the Ontario Vehicle Innovation Network (OVIN).
Vic Fedeli, Minister of Economic Development, Job Creation and Trade, said:
This exciting new partnership between Li-Metal and Lyten, made possible by funding from OVIN, represents another link in the province’s growing end-to-end auto and EV battery supply chain.
“Li-Metal’s new battery material production technology will help ensure the continued production of the latest lithium EV batteries and components in Ontario.”
Earlier this year, Li-Metal announced the receipt of CAD$930,826 in support from the Ontario government (see news release dated June 6, 2023) through the OVIN R&D Partnership Fund. Combined with an industry contribution from Lyten, an advanced materials company, this funding supports Li-Metal’s ability to further advance and commercialize its lithium metal technology.
Celina Mikolajczak, Chief Battery Technology Officer of Lyten, said:
We are enthusiastic to partner with Li-Metal to jointly advance the development of sustainable lithium metal production capacity and specialty ingots to support the commercialization of next-generation lithium sulfur battery technology.
“We have been impressed with Li-Metal’s innovative, vertically integrated approach to the production of next-generation battery materials and look forward to continued collaboration, and to using Li-Metal’s ingots to establish a North American supply chain for next-generation batteries.”
Leveraging a total project value of $2,820,684, Li-Metal aims to scale up its production and refining capabilities for battery-grade lithium metal, building on its recently announced production of lithium metal ingots using reprocessing technology (see news release dated November 8, 2023). In addition, the Company will use the funds to advance the piloting of new lithium metal products, such as specialty lithium alloy ingots for next-generation batteries. Li-Metal has completed approximately 25% of the project, which it aims to conclude in 2025.
Raed Kadri, Head of OVIN, said:
As we charge forward to an electrified future, it’s crucial to strengthen our province’s battery production capabilities.
“This innovative lithium metal production technology will greatly increase our province’s momentum in building a resilient battery supply chain and proves our capacity to foster homegrown, forward-thinking innovators. Together, we are making Ontario the world’s destination for end-to-end electric vehicle production and commercialization.”
Srini Godavarthy, CEO of Li-Metal, said:
Li-Metal is excited to be partnering with Lyten and OVIN on this project and we are grateful for their support as we continue to innovate and help pave the way for an improved and more sustainable next-generation battery supply chain in North America.
“Li-Metal will use this non-dilutive funding to continue scaling up our metal business to further expand upon our competitive edge in the marketplace as a vertically integrated domestic anode technology enterprise and supplier.”
As the shift to electrification progresses in Ontario and around the world, Li-Metal is pioneering the development of a patented carbonate-to-metal (C2M) technology, which is a sustainable and cost-effective modular technology that produces lithium metal directly from lithium carbonate. The ability to produce lithium metal is a key differentiator for the Company as a battery anode supplier as it further enables the growth of its anode business by securing a reliable feedstock. Li-Metal’s C2M technology is integral to advancing next-generation lithium batteries and it is expected to play an increasingly important role in the development of the North American battery supply chain. Importantly, it addresses the bottleneck for lithium metal production capacity, given that demand is expected to increase to more than 40,000 tonnes by 2030 compared to less than 600 tonnes of capacity planned, according to McKinsey.
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Li-Metal Provides Update on Next-Generation Battery Technologies in Partnership with the Ontario Government. source
