LiTHOS Announces Receipt of First Customer Payment and Provides Operational Update.
LiTHOS Group Ltd. (“LiTHOS” or the “Company”) (CBOE CA: LITS) (OTCQB: LITSF) (FSE: YU8) (WKN: A3ES4Q) is pleased to provide this operational update for the operating period ending January 31, 2024.
First Customer Revenues.
LiTHOS has booked its first revenues from several lithium producers.
This solidifies multiple strategic relationships which will validate several customized AcQUA™ pre-treatment flowsheets based upon actual customer reservoir brines.
These customer-driven pilot processing programs span the upstream segments of the value chain including: conditioning, pre-treatment, optimizing wash water recovery, and Direct Lithium Extraction (“DLE”).
Sales Pipeline.
LiTHOS’ patent-pending, environmentally friendly lithium extraction technology is now under contract with (4) four of the largest lithium brine producers in the world.
LiTHOS has engineered 17 customized AcQUA™ flowsheets based upon of the chemistry of actual customer reservoir brines spanning upstream segments of the value chain including: conditioning, pre-treatment, optimizing wash water recovery, and Direct Lithium Extraction (“DLE”).
Further, the Company’s AcQUA™ technology is being vetted by one of largest Engineering Procurement Construction and Commissioning (“EPCC”) firms for multiple, multi-billion-dollar lithium projects.
$30 million US Department of Energy Grant Funding Application.
Based upon the Company’s performance with the previously announced $1.3 million US Department of Energy Grant, it was pre-qualified for submission of a follow-on USD$30 million grant application which application was completed on December 20, 2023.
The grant application received written support from U.S. Senator Katie Britt (R-AB),, US Senator Tommy Tuberville (R-AB), U.S. Congresswoman Terri A. Sewell (D-AB), US Congressman Gary Palmer (R-AB), Alabama Mobility and Power Center, The University of Alabama, and the City of Bessemer, Economic and Community Development Department.
The grant proposes to upgrade the 55,000 sq ft Bessemer complex capacity to produce pilot scale polished and purified battery-grade lithium hydroxide. This extends LiTHOS’ participation in the complete value chain through to delivery of battery-grade lithium feedstock.
The facility is strategically located next to Mercedes-Benz US International, Inc., Honda Manufacturing of Alabama, LLC and Hyundai Motor Manufacturing Alabama, LLC. The Alabama site is Hyundai’s first U.S. manufacturing plant and ranks as the state’s third-largest industrial employer tied with Mercedes-Benz. It is in regional proximity to the LARGE Smackover brine reservoir and all major U.S automobile Manufacturers including Tesla, G.M. and Ford.
Bessemer Complex Commissioning.
The Bessemer complex is now processing multiple field brines from the largest, highest quality Salars in production.
The 55,000 sq ft Bessemer complex triples LiTHOS’ capacity to on-board new customers and deliver results spanning the complete value chain – from pre-treatment to DLE to a polished and purified hydroxide.
Scott Taylor, Chief Executive Officer, said:
The Company surpassed all its internal goals set for Q4 2023. Sales process accelerated as customers realized our technology will save them incredible amounts of time and money.
“We booked the Company’s first customer revenues for lithium processing,”
“We also hosted one of the largest lithium producers at our Bessemer facility and demonstrated the value of our AcQUA™ technology. We are excited for 2024 where we have 17 separate flowsheet test results to deliver to our customers spanning pre-treatment, conditioning, optimizing wash water recovery, to DLE. Our data driven demonstration of the compelling value to customized conditioning and pre-treatment prior to the DLE phase will make lithium production cheaper, faster, and much more environmentally friendly.
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LiTHOS Announces Receipt of First Customer Payment and Provides Operational Update. source
