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Italvolt to be First Battery Gigafactory in Italy and One of the Largest in Europe with a 45 GWh Capacity
Italvolt-RecycLiCo Vertically Integrated Strategy a Response to European Commission's Proposed Batteries Regulation in Circular Economy Action Plan
American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("AMY" or the "Company"), with its advanced and patented lithium-ion battery cathode recycling process (RecycLiCoâ„¢), is pleased to announce that it has signed a Memorandum of Understanding (MOU) with Italvolt SpA ("Italvolt"), Italy's first battery Gigafactory and one of the largest in Europe, to develop a commercial recycling plant alongside Italvolt's planned Gigafactory in Scarmagno, Italy. American Manganese and Italvolt will work collaboratively to recycle waste lithium-ion battery cathode material using the patented RecycLiCoâ„¢ process
American Manganese and Italvolt believe the MOU is a strategic response to the European Commission's proposed Batteries Regulation on December 10, 2020. The Batteries Regulation initiative is part of the new Circular Economy Action Plan which aims to ensure that batteries placed in the EU market are sustainable and safe throughout their entire life cycle. This means batteries that are produced with the lowest possible environmental impact, which includes high recycling rates of valuable materials such as lithium, nickel, cobalt, and manganese.
"We are very excited about the collaboration with American Manganese. We have already initiated the engineering process in order to integrate the recycling plant within the Gigafactory. Using the ground-breaking circular technology that they have developed is a big step forward that will allow Italvolt to produce the greenest batteries in the world," said Lars Carlstrom, Founder and CEO of Italvolt.
"Italvolt is a next-generation Gigafactory that aims to promote competitive sustainability in Europe by addressing the social, economic and environmental issues related to lithium-ion batteries," said Larry Reaugh, President and CEO of American Manganese. "We are thrilled to be part of their initiative and collaborate as an Italvolt-RecycLiCo vertically integrated recycling strategy to promote a circular and climate neutral economy."
Italvolt is building the largest and greenest Gigafactory in Europe. With a capacity of 45 GWh by 2024, potentially rising up to 70 GWh, the factory will be built at former industrial site of the iconic Olivetti factory in the heart of Europe's Motor Valley, Scarmagno in Italy. The company plans to be a world leader in the circular economy, with a certified green supply chain about to set new standards for green manufacturing.
American Manganese Inc. is a critical metals company focused on the recycling of lithium-ion batteries with the RecycLiCoâ„¢ patented process. The RecycLiCoâ„¢ patented process was developed to offer a closed-loop and environmentally friendly solution for the recycling of cathode materials used in lithium-ion batteries. The recycling process provides high extraction and purity of cathode metals, such as lithium, cobalt, nickel, manganese, and aluminum. The RecycLiCoâ„¢ process was designed with the goal to produce recycled battery products that could be seamlessly and directly integrated into the re-manufacturing of battery cathodes using minimal processing steps.
On behalf of Management
American Manganese Inc.
Larry W. Reaugh
President and Chief Executive Officer
Telephone: 778 574 4444
Email: lreaugh@amymn.com
www.americanmanganeseinc.com
www.recyclico.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
SOURCE: American Manganese Inc.
View source version on accesswire.com:
https://www.accesswire.com/636865/American-Manganese-and-Italvolt-Sign-Memorandum-of-Understanding-for-Lithium-ion-Battery-Recycling-Project
