Ancoris Capital Partners Advises Lithion Recycling on Another Equity Financing

Ancoris Capital Partners acted as the exclusive financial advisor to Lithion Recycling Inc. on a significant equity financing. IMM Investment Global Limited (“IMMG”) led the financing with a co-investment from GM Ventures (the investment arm of General Motors). In connection with the financing, General Motors and Lithion have entered into a strategic partnership agreement to pursue a circular battery ecosystem using Lithion’s advanced battery recycling technology.

“Lithion is very pleased to have worked with such a team committed to our success in Ancoris Capital Partners. Through our Series A financing process, their team has supported us with insightful professional advice and guidance. Their hands-on approach contributed to the successful closing of our Series A financing this fall, enabling us to continue building our vision for a brighter future.”

– Marc Chabot, Vice President and Chief Financial Officer of Lithion

“As the lead and majority investor of Lithion’s Series A round, IMM Investment Global is excited to further strengthen our partnership with Lithion and to support its technology expansion globally. It is becoming clear that EV battery minerals are in great demand to the global energy transition where diversification of supply in the refined minerals is critical in North America. IMMG believes Lithion’s leading urban mining technology will play an important role in the circular economy and provide a level of independence from the increasing supply security of EV battery minerals and resources. We appreciate the tremendous effort by Ancoris Capital Partners to pull together this exciting transaction.”

– Kustin Lee, CIO and Managing Partner of IMMG, Board Member of Lithion

General Motors and Lithion have created a partnership which focuses on:

  • Validation of Lithion’s recovered battery materials for use in the production of new batteries and potential to acquire battery materials
  • Joint investment in research and development for both recycling processes and recyclability of future battery design

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. 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.

This transaction completes Lithion’s Series A financing and represents the fourth transaction in which Ancoris has advised Lithion this year.


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