Stelco Holdings Inc has executed binding licensing and option agreements with Primobius GmbH to commercialize Primobius's proprietary advanced electric vehicle battery recycling and processing technologies in North America. The licensing agreement will enable Stelco to advance commercial lithium-ion battery feedstock sourcing agreements and commence engineering and approvals processes. The option agreement grants Primobius the right to acquire between 25% and 50% equity in Stelco's wholly-owned subsidiary performing these activities. If not exercised by Primobius, Stelco will have the exclusive rights to utilize Primobius's proprietary technology in Canada, the United States and Mexico to recycle lithium-ion batteries removed from end-of-life electric vehicles, and Primobius will be entitled to a gross revenue royalty.The proposed 20,000-net ton per annum integrated shredding and hydrometallurgical refinery at Lake Erie Works will enable Stelco to become a leading lithium-ion battery recycler in North America, producing up to 18,400 net tons per annum of nickel, manganese and cobalt sulphates, and lithium hydroxide and carbonate, and is also expected to generate up to 40,000 net tons per annum of scrap steel that will be recycled into Stelco's steelmaking operations. The plant will help meet the need for multiple large recycling facilities to manage significant anticipated volumes from end-of-life electric vehicle batteries originating from the world's fastest growing cell-making region and provide Stelco with the opportunity to build additional processing facilities across North America. Capital costs of the plant will ultimately be based on detailed engineering studies expected to be completed in mid-2022 and are not expected to be material for the initial planning and development stages.Primobius GmbH is a 50:50 joint-venture of leading steelmaking equipment manufacturer SMS group GmbH and Neometals Ltd, an Australian specialty metals company
Stelco Holdings Inc has executed binding licensing and option agreements with Primobius GmbH to commercialize Primobius's proprietary advanced electric vehicle battery recycling and processing technologies in North America. The licensing agreement will enable Stelco to advance commercial lithium-ion battery feedstock sourcing agreements and commence engineering and approvals processes. The option agreement grants Primobius the right to acquire between 25% and 50% equity in Stelco's wholly-owned subsidiary performing these activities. If not exercised by Primobius, Stelco will have the exclusive rights to utilize Primobius's proprietary technology in Canada, the United States and Mexico to recycle lithium-ion batteries removed from end-of-life electric vehicles, and Primobius will be entitled to a gross revenue royalty.The proposed 20,000-net ton per annum integrated shredding and hydrometallurgical refinery at Lake Erie Works will enable Stelco to become a leading lithium-ion battery recycler in North America, producing up to 18,400 net tons per annum of nickel, manganese and cobalt sulphates, and lithium hydroxide and carbonate, and is also expected to generate up to 40,000 net tons per annum of scrap steel that will be recycled into Stelco's steelmaking operations. The plant will help meet the need for multiple large recycling facilities to manage significant anticipated volumes from end-of-life electric vehicle batteries originating from the world's fastest growing cell-making region and provide Stelco with the opportunity to build additional processing facilities across North America. Capital costs of the plant will ultimately be based on detailed engineering studies expected to be completed in mid-2022 and are not expected to be material for the initial planning and development stages.Primobius GmbH is a 50:50 joint-venture of leading steelmaking equipment manufacturer SMS group GmbH and Neometals Ltd, an Australian specialty metals company
