2023-06-12 07:17:20 ET
Battery materials company, RecycLiCo Battery Materials ( OTCQB:AMYZF ) enters a 50-50 joint venture with Zenith Chemical to build a 2,000 metric ton per year lithium-ion battery recycling plant in Taiwan.
The initial plant, estimated to cost $25M will be dedicated to processing and converting lithium-ion battery waste into valuable resources.
The parties will build their first commercial scale battery recycling facility and contribute 50% of the required capital in three initial stages, with the balance being advanced as required to fund construction and start-up costs.
The Zenith contribution (50%) will be funded in cash and RecycLiCo will receive a 10% interest in the JV in return for a license of its technology, with the balance (40%) of its interest in cash.
For further details see:
RecycLiCo Battery Materials and Zenith Chemical enter $25M battery recycling JV in Taiwan