Hertz Lithium Inc (CSE:HZ, OTCQB:HZLIF) told investors it has entered an agreement with the Penn State Research Foundation (PSRF) to acquire a royalty-bearing exclusive license for a cutting-edge lithium extraction technology.
The novel patent-pending process targets the extraction of lithium from hard rock sources—a pivotal advancement given lithium's critical role in modern energy storage, electric mobility, and various tech applications.
"Lithium has become a commodity of our generation and many new lithium deposits are being defined and put into production to meet the demand for lithium minerals to power electric vehicles, cell phones and many modern instruments," Hertz Lithium CEO Kal Malhi commented in a statement.
"The need for updated, efficient and environmentally friendly lithium extraction technologies is urgent."
The technology is designed to address current limitations in lithium extraction. By utilizing a process involving spodumene concentrate, sodium hydroxide, and conventional or microwave roasting, it transforms alpha-spodumene into a soluble phase. Water leaching, the subsequent step, achieves lithium recovery rates of up to 95%, marking a substantial leap in efficiency and sustainability compared to conventional high-temperature roasting methods.
The company said it is in discussions with commercial lithium extraction experts and potential partners to join its team and begin the next phase of development towards a pilot plant stage demonstration of the technology.
"We will be laser-focused on developing industry partnerships to advance this technology in 2024 and will be providing ongoing regular updates on our progress in the weeks and months ahead," Malhi added.
"Owning the worldwide exclusive rights to develop and commercialize this patent-pending extraction process is a major differentiator for us in the lithium mining and exploration industry."