- European Union, China measure to boost lithium-ion battery recycling
- CEO Larry Reaugh said move will benefit the industry
- EU approves €3.2 billion (CAD$3.5 billion) in subsidies to members wanting to develop own battery industries
- Chinese industry ministry regulations requires 98% nickel, cobalt and manganese and 85% lithium recovery from electric vehicle batteries
- Shares were up CAD$0.005 (2.63%) and trading at CAD$0.195
New government subsidies and regulations have given global lithium-ion battery recycling efforts a boost, with American Manganese supporting the move.
CEO Larry Reaugh said these were positive steps for the company, and the industry at large, as its business is focused on the extraction of cathode metals like lithium, cobalt, nickel, manganese and aluminium from spent lithium-ion batteries using its patented ‘RecycLiCo’ process.
“These actions are signs that governments are looking to incentivize innovation,” he said.
“(The company’s) pilot testing has surpassed the proposed recovery regulations and positions the Company front and center in the effort to meet these new government objectives.”
In particular, the European Union approved €3.2 billion (CAD$3.5 billion) worth of subsidies for seven members countries – Belgium, Finland, France, Germany, Italy, Poland and Sweden – which want to develop their electric battery industries.
Also, new regulations by the Chinese Ministry of Industry and Information Technology requires a recycling recovery standard of 98% nickel, cobalt and manganese and 85% of lithium from electric vehicle batteries.
“These new regulations and government expenditures which focus on recycling lithium-ion batteries greatly favours American Manganese’s pilot plant tested technology as a leader in closed circuit green technology for recovering of up to 100% of the valuable cathode metals,” Reaugh said.
At the time of writing American Manganese shares were up CAD$0.005 (2.63%) and trading at CAD$0.195. It has a market capitalization of CAD$35.2 million.
