Metals company American Manganese Inc (CVE:AMY) (OTCMKTS:AMYZF) said Tuesday that it has signed a memorandum of understanding with Battery Safety Solutions BV for the purpose of forming a partnership to create and commercialize a closed-loop circular economy solution for the upcycling of lithium-ion batteries.
Surrey, British Columbia-based American Manganese said in a press release that the companies plan to team up to generate cobalt and manganese concentrates from waste lithium-ion batteries. They will initially focus their efforts on lithium-ion battery subtypes such as lithium cobalt oxide, nickel manganese cobalt, nickel cobalt aluminum and lithium manganese oxide.
BSS, according to American Manganese, specializes in the collection, discharging and dismantling of lithium-ion batteries. It will contribute expertise in European marketing, access to customers, collection and transportation, safe handling, electrical discharge, safe storage, sorting and mechanical treatment.
The Dutch company has developed a process that discharges a lithium-ion battery in a fraction of the time needed by conventional methods and stores 100% of the discharged energy, according to American Manganese. Once the battery is discharged, BSS can safely disassemble and sort lithium-ion battery components.
American Manganese said due-diligence tests of BSS’s technology were completed at Kemetco Research Inc in British Columbia.
"We received and analyzed several samples of disassembled battery materials from around the globe and believe that the BSS process is the most advanced and unique process available," CEO Larry W. Reaugh said in a press release. "This strategic partnership will bring together the unique industry-leading expertise and capabilities of each party to develop, optimize and commercialize the best complete solution for customers.”
The companies plan to be commercially ready by late 2019.
Shares of American Manganese climbed US$0.01 to US$0.11 on the OTC Markets on Tuesday. They rose C$0.01 to C$0.15 in Canada.
Earlier this month, American Manganese said it had closed the first tranche of a previously announced private placing, raising C$507,450. The metals group is carrying out the financing to raise gross proceeds of up to C$1.5 million.
Contact Dennis Fitzgerald at [email protected]