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The Quebec-based recycling startup Lithion Recycling has announced they will receive $22.5M in funding from the provincial investment fund Investissement Québec. $15M will be provided as an equity investment while $7.5M is a grant from Fonds d'électrification et de changements climatiques.
The investment is part of the funding of previously announced of C$125M ($99M) in which the South Korean investment fund IMM Investment Global participated together with Quebec-based Fondaction. The deal with IMM included an exclusive right for the South Korean conglomerate IS Dongseo to use Lithion's technology on the Korean market. Dongseo's plan is to set up a 7,500 tpa pre-procesing plant and a 15,000 tpa hydrometallurgical plant with an output of 15,000 tpa of battery grade materials. Read more about that here.
In Lithion's announcement the company reiterated its intention to investment in a pre-processing plant, a technology center and initiate detailed engineering studies for a hydrometallurgical plant in Québec.