18:50:11 EST Mon 30 Jan 2023
Enter Symbol
or Name
USA
CA



Rock Tech Lithium Inc (2)
Symbol RCK
Shares Issued 84,338,803
Close 2022-10-07 C$ 2.78
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Rock Tech to receive EIB review of 150M-euro investment

2022-10-11 09:17 ET - News Release

Mr. Dirk Harbecke reports

EUROPEAN INVESTMENT BANK REVIEWS A EUROS150 MILLION SUPPORT FOR ROCK TECH'S GUBEN CONVERTER

The European Investment Bank (EIB) has recently published its intention to review a potential investment of up to 150 million euros of senior debt to back Rock Tech Lithium Inc.'s Guben lithium converter project in Brandenburg, Germany. The European Investment Bank financing looks to support the creation of capacities to produce lithium hydroxide as one of the key components of electric vehicle batteries, hence, enabling the EU's (European Union) green transition.

"The EIB's interest in the project is a very positive signal to the market that Rock Tech is progressing on target with its project development plans in Guben," commented Dirk Harbecke, chairman of the board. "We look forward to building on EIB's support as we bring together a consortium of lenders in this important project".

The construction of the Rock Tech lithium converter plant in Germany will be the first of its kind in Europe. From spodumene, a lithium-bearing ore, to battery-grade lithium hydroxide, the whole refinery process will take place in the Guben converter. Thus, on the one hand, the project meets the growing demand for battery raw materials triggered by increasing electric vehicle mobility, while at the same time allowing the supply chain to become more diverse and resilient in the western hemisphere. The lithium hydroxide from Rock Tech's converter, is expected to be component of up to 500,000 electric vehicle batteries per year -- powering the zero-emissions transformation of the transportation sector.

About Rock Tech Inc.

Rock Tech is a cleantech company on a mission to produce lithium hydroxide for EV (electric vehicle) batteries. The company plans to build converters at the door-step of its customers, to guarantee supply-chain transparency and just-in-time delivery. Therefore, Rock Tech has gathered one of the strongest teams in the industry. It holds itself accountable to strict ESG (environmental, social and governance) standards and plans to source raw material from its own mineral project in Canada, as well as procuring it from responsibly producing mines. In the years to come, the company will extract its material from discarded batteries.

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