American Manganese Inc, the company which upcycles lithium-ion battery waste into battery materials, has outlined its key achievements in 2021, which included raising C$20 million via a placing and laying the foundations for continued growth in 2022.
The company's CEO, Larry Reaugh said there had been progress on multiple fronts, noting that its RecycLiCo and Wenden projects had demonstrated their added value and differentiation in the cleantech and battery metals market.
"Our financing highlights also represent an important milestone that enhances our ability to execute on our growth strategy," he added in the year-end statement.
Among the highlights for its lithium-ion battery cathode recycling process, RecycLiCo was that it achieved the successful recycling and upcycling of lithium-ion battery black mass and production scrap into NMC532, NMC622, and NMC811 cathode precursor and also produced 99.99% pure lithium sulfate from waste battery material.
READ: American Manganese advances demonstration plant for lithium-ion battery recycling and upcycling project
There was also the start of modelling, design, and preparation of the RecycLiCo demonstration plant and the signing of a 'memorandum of understanding' with Italvolt SpA to develop commercial recycling plant alongside Italvolt's planned Gigafactory in Scarmagno, Italy.
American Manganese also noted that it had received advisory services and funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to support a pilot project called 'Demonstration of continuous recycling of cathode material from lithium-ion battery production scrap'.
It was also issued patents in South Korea, Japan, India and received a ‘notice of allowance' patent in Canada.
At the stockpile project in Wenden, Arizona, the company achieved 99% manganese extraction results and produced electrolytic manganese metal (EMM).
American Manganese also closed a private placement for gross proceeds of C$20 million, issuing up to 20 million shares at C$1 each and associated warrant at a purchase price of C$1.25.
The company is focused on upcycling lithium-ion battery waste into high-value battery cathode materials, using its RecycLiCo process. The process creates valuable lithium-ion battery materials for the re-manufacturing of new lithium-ion batteries.
Contact the author at giles@proactiveinvestors.com