20:14:33 EST Mon 30 Jan 2023
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Rock Tech Lithium Inc (2)
Symbol RCK
Shares Issued 73,254,774
Close 2022-07-06 C$ 4.03
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Rock Tech Lithium signs MOU with thyssenkrupp Materials

2022-07-07 09:27 ET - News Release

Mr. Markus Brugmann reports

ROCK TECH WINS THYSSENKRUPP MATERIALS TRADING AS POTENTIAL SUPPLIER OF RAW MATERIALS AND CUSTOMER FOR ITS LITHIUM HYDROXIDE

Rock Tech Lithium Inc. has entered into a non-binding memorandum of understanding (MOU) with materials distributor and service provider thyssenkrupp Materials Trading GmbH in relation to establishing a strategic partnership to supply lithium spodumene concentrate. Rock Tech plans to refine the mineral from the end of 2024 at its proposed converter in Guben, Germany, into high-purity lithium hydroxide, a key element in batteries for electric cars and plug-in hybrids.

The MOU between the two companies also includes a framework relating to the purchase of high-purity lithium hydroxide by thyssenkrupp Materials Trading for the battery market, as well as other byproducts resulting from the refining process. Thus, the potential partnership is expected to promote a more resilient supply chain for lithium directly out of Germany, from raw material sourcing, to refining, to meeting demand of the automotive industry and growing electromobility demands.

Markus Brugmann, Rock Tech's chief executive officer, says: "With thyssenkrupp Materials Trading we have found a global logistics and trading partner that gives us further security in the supply of spodumene. This is expected to give us a broader base for our input stream, which would take us a big step forward on the road to success."

Wolfgang Schnittker, chief executive officer of thyssenkrupp Materials Trading, says: "The potential partnership with Rock Tech underlines the systematic expansion of our global trading activities in the international battery and electric vehicles industry. The trading of lithium products would add another very important raw material to our supply portfolio for the production of long-life batteries."

Spodumene is one of the most important raw materials, amongst others, for the production of lithium-ion batteries in electric vehicles. For this purpose, the spodumene mineral must be refined into lithium hydroxide, which can then be supplied to cathode manufacturers for the battery industry worldwide. Cathodes are essential components of battery cells. The lithium spodumene concentrate will be used in Rock Tech's first converter in Guben, Germany, which is expected to produce battery-grade lithium hydroxide from 2024.

About Rock Tech Lithium Inc.

Rock Tech Lithium is a clean tech company with operations in Canada and Germany that aims to supply the automotive industry with high-quality, made-in-Germany lithium hydroxide. As early as 2024, Rock Tech intends to commission Europe's first lithium converter with a production capacity of 24,000 tonnes per year. This is equivalent to the volume needed to equip around 500,000 electric cars with lithium-ion batteries.

Rock Tech owns the Georgia Lake project in Ontario, Canada. The company has set itself the goal of creating a closed loop for lithium, thus closing the raw material gap on the road to clean mobility. As early as 2030, around 50 per cent of the raw materials used by Rock Tech are expected to come from the recycling of batteries.

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