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MONTREAL and DETROIT, Sept. 22, 2022 /PRNewswire/ -- Lithion Recycling Inc. ("Lithion") and General Motors Co. (NYSE: GM) today announced that GM Ventures, the automaker's investment arm, has made a strategic investment in Lithion's Series A financing round, supporting a new GM-Lithion strategic partnership agreement to pursue a circular battery ecosystem using Lithion's advanced battery recycling technology.
This collaboration between GM and Lithion will focus on:
With a recovery rate of over 95% and using Québec's green energy, Lithion's technology and operations will reduce greenhouse gas emissions by over 75% and water usage by over 90% compared to mining battery materials, as demonstrated by a third-party lifecycle analysis.
"Working with GM marks a key step in Lithion's commercial development and pioneers a needed breakthrough in the electrification of transportation by enabling a cost-effective and sustainable circularity in the EV battery industry," said Benoit Couture, president and CEO of Lithion. "This partnership underscores our commitment to enable the transition to a low-carbon economy amidst the fight against climate change."
"GM is aggressively scaling battery cell and EV production in North America to reach our target of more than 1 million units of annual capacity by 2025, and we plan to eliminate tailpipe emissions from all our new light-duty vehicles by 2035 – so we are building a supply chain and recycling strategy that can grow with us," said Jeff Morrison, GM vice president, Global Purchasing and Supply Chain. "In Lithion's technology, we see the opportunity to recover and reuse raw material in our Ultium battery packs, making the EVs we produce even more sustainable and helping drive down costs."
In August, Ultium Cells, GM's joint venture with LG Energy Solution, opened its first U.S. battery cell plant, with two additional plants under construction. A fourth planned battery cell plant will bring GM's projected total U.S. battery capacity to 160 GWh. GM now has binding agreements securing all its battery raw material to reach annual planned capacity in 2025, including lithium, nickel, cobalt and full cathode active material supply. As the company moves forward, it will work to increasingly localize its battery materials supply chain to North America.
In 2023, Lithion will launch its first commercial recycling operations, drawing on data from its highly successful industrial-scale demonstration plant commissioned in January 2020. The opening of this facility, with a capacity of 7,500 metric tons per year of lithium-ion batteries, will be followed in 2025 by the launch of Lithion's first hydrometallurgical plant. Lithion has multiple facilities in the pipeline for the U.S., Europe and Korea, in line with its vision to support rapid deployment and enhanced battery end-of-life management globally.
About Lithion Recycling Inc.
Lithion has developed an efficient and cost-effective process to recover strategic materials from end-of-life and industrial waste of lithium-ion batteries. Lithion's technology allows up to 95% of battery components to be recovered and treated so they can be used again by battery manufacturers, enabling the circularity of those batteries. This innovation accelerates the transition to green energy and helps meet decarbonization targets by reducing pressure on natural resource extraction. Its goal is worldwide deployment, through licensing agreements, with a target of 25 recycling plants on a world scale by 2035. For more information, please visit: https://www.lithionrecycling.com/
About General Motors
General Motors (NYSE: GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet,Buick,GMC,Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgement about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of important factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
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SOURCE General Motors Co.