Lithion Recycling Announces Closing of Large First Tranche of Series A Funding of up to $125 Million Led by IMM Investment Global and Backed by Fondaction


MONTREAL–(BUSINESS WIRE)–Lithion Recycling Inc. (“Lithion” or the “Company”) is proud to announce that it has completed financial closing of an initial tranche of Series A shares with a strategic group of investors led by IMM Investment Global Limited (“IMM Global”) and backed by Fondaction and its managed fund, the LCC Fund. The size of the first round is expected to reach C$125 million. IMM Global will join the company’s board of directors due to its significant investment.

With this new capital, Lithion is moving forward with three essential components of its industrialization plan, which are the construction and commissioning of its first commercial mechanical separation plant (“Spoke”) in Quebec; building and opening a state-of-the-art Technology Development Center (“TDC”) to continuously develop Lithion technology for future battery chemistries and battery material specifications; and the completion of detailed engineering studies prior to the near-term start of construction of the Lithion hydrometallurgical plant in Quebec (“Hub”).

With today’s announcement, Lithion is entering the commercial phase of its development and will continue the company’s journey to close the loop on battery materials with the full support of its investors and partners. The 7,500 metric tons per year capacity of Spoke and TDC will create nearly 100 jobs in Quebec and support the global deployment of Lithion’s technology through licensing agreements.

Ancoris Capital Partners acted as financial advisor and Norton Rose acted as legal advisor to Lithion on the transaction.

“This is a pivotal moment in Lithion’s history. Our eco-responsible technology can be deployed anywhere in the world to meet the global challenge of energy transition. We are proud to partner with IMM Global as well as Fondaction who fully support the construction of this plant and our Technology Development Center as well as the further development of Lithion’s technology and expertise. Lithion has deep roots in Quebec and will play an important and crucial role in the future of the province’s battery and electric vehicle sectors. Additionally, we are engaged in ongoing discussions with other investment partners who are interested in being part of this funding round.

– Benoit Couture, President and CEO of Lithion Recycling, Inc.

“IMM Investment Global is delighted to take the first important step in the EV battery value chain with its strategic investment in Lithion. We have a deep belief in Lithion’s technology and its potential to enter the global recycling market where Korean battery players have a strong presence. After successfully launching IMM Global Battery Fund I and IMM Clean Energy Transition Fund I in 2021, IMM Global will partner with Lithion to realize this potential in the global battery value chain.

– Youngjoon Lee, Managing Partner and CEO of IMM Investment Global Limited

“The positive impact potential of Lithion is colossal since its technology makes it possible to recycle more than 95% of the strategic metals contained in the batteries of electric vehicles, thus preventing the negative effects of their extraction. Fondaction enthusiastically supports the deployment of this Quebec innovation, which gives the electrification of the transportation industry a circular economy approach.

– Stéphane Morency, Vice-President and Chief Investment Officer at Fondaction

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 25 recycling plants worldwide. by 2035. For more information, please visit: https://www.lithionrecycling.com/

About IMM Investment Global Limited

IMM Investment Global (“IMM Global”) is a pure-play overseas investment arm of IMM Investment Corp. (“IMM”), which is the leading alternative asset manager in Korea with $5.0 billion in assets under management. Established as the most recognized and trusted GP brand in Korea today, IMM continues its strong geographic expansion globally. Founded in 2019, IMM Global is rapidly executing its global rollout strategy in North America, Europe and the Middle East focusing on high growth opportunities across various industries. IMM Global aims to serve as a driving force to further penetrate Korea’s presence in areas such as the EV battery value chain on the global stage.

About Fondaction

A pioneer in sustainable finance for 25 years, Fondaction brings together individuals who mobilize for the positive transformation of society and act to make the Quebec economy more equitable, inclusive, green and efficient. As a labour-sponsored fund, Fondaction represents tens of thousands of savers and hundreds of companies committed to advancing Québec. It manages net assets of more than $3.34 billion invested in hundreds of companies and in the financial markets, prioritizing investments that generate positive economic, social and environmental impacts in addition to a financial return. Fondaction contributes to creating and maintaining quality jobs, reducing inequalities and fighting climate change. For more information, visit fondaction.com or our LinkedIn page.

About the LCC Fund

The LCC Fund supports the growth of companies whose activities, such as energy efficiency, clean energy production and recovery of residual materials, lead to a significant reduction in greenhouse gas emissions. In this way, the LCC Fund plays a key role in accelerating the achievement of reduction targets.

About Ancoris Capital Partners

Ancoris is a specialist investment bank specifically designed for private capital markets. Ancoris customizes capital solutions to maximize savings and offer the most advantageous terms to its customers. The Ancoris team is differentiated by its approach and execution, which draws on Ancoris’ extensive experience in structuring complex transactions and aligning interests for long-term success. For more information, visit: www.ancorispartners.com

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