TORONTO, May 7, 2024 /CNW/ – Rock Tech Lithium Inc (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) provides updated information on outstanding German grant applications. Published. Subsidy applications will move to the state level. Rock Tech receives no funding from the federal government's TCTF grant program. Instead, negotiations are continuing to finalize a loan program with the state of Brandenburg.
Rock Tech Lithium provides the latest information on German grant applications. (CNW Group/Rocktec Lithium Co., Ltd.)
The Federal Ministry for Economic Affairs and Climate Change (BMWK) has awarded Rock Tech Lithium a grant for its planned lithium smelter in Brandenburg under the “Resilience and Sustainability of the Battery Cell Production Ecosystem” (TCTF) program. It was announced that the funds would not be provided. The reason is federal budget constraints. At the same time, the state of Brandenburg has pledged its full support and is keen to consider how the Guben factory can be financially supported at state level. Applications for additional federal funding, including government guarantees, are still being accepted. Rock Tech regrets the federal department's decision and is considering all available options going forward. The priority is to realize the factory with the support of the state of Brandenburg. This project is unique in Germany in terms of scale, project maturity and strategic importance.
Dirk Harbecke, CEO and Chairman, commented: “The length of the TCTF application process and associated lack of clarity has caused frustration among many stakeholders.” We believe that the continuation of negotiations may accelerate. Of course, we feel a bond to Brandenburg, and in particular to the city of Guben, and we want to build our first lithium converter here. The company is an important component of a battery cluster being developed in the state of Brandenburg. President Wojdke, Minister of Economy Steinbach and Mayor Makhro of Guben have been in partnership since the beginning and have given us intensive support. Thank you very much. At the same time, however, international markets, especially North America and the Gulf states, are highly competitive when it comes to attracting future technologies. ”
Rock Tech Lithium has achieved significant project maturity with Guben.
Mercedes Benz AG ('MBAG') is a major customer of Rock Tech. The two companies have entered into a binding purchase agreement to supply 10,000 tonnes of battery-grade lithium hydroxide per year starting in 2023.
The supply of raw materials for converters is also secured. The company recently announced a binding raw material supply agreement with C&D Logistics, one of the world's leading lithium traders. Until now, C&D has focused on supplying the Chinese market. The deal will see C&D Logistics supply Europe with his ESG-compliant spodumene concentrate from Australia, Brazil and Africa. Rock Tech plans to use up to 50% recycled materials at its Guben plant from 2030 onwards.
Planning and basic engineering for the refinery was completed with an upfront investment of over €40 million. Final approvals for construction and operation of the converter are on the horizon, and a construction partner has been secured.
The by-product utilization concept was developed in cooperation with the partners ITEL (Institute of Lithium, University of Halle), GP Günter Papenburg AG, Schwenk Zement GmbH & Co. KG and Knauf Gips KG. The aim is, inter alia, to use aluminosilicates obtained from lithium processing in a resource-efficient manner in the building materials industry.
Kerstin Wedemann, Chief Legal and Operations Officer, added: “Once final permits are received in May, Rock Tech will have the blueprint for Europe's newest lithium converter.German permission to build and operate such a plant is extremely important. Few other countries have such strict guidelines for technology approvals and emissions approvals. This means our concept is validated and can be transferred to other markets. This is already happening at our site in Canada where we want to build Ontario's first lithium converter. We have already secured our first partnership in Ontario and approval plans have begun. We are currently applying for grants.”
About Rocktech
Rock Tech is a cleantech company with a mission to produce lithium hydroxide for electric vehicle batteries in Canada and Germany. To ensure supply chain transparency and just-in-time delivery, the company is bringing lithium converters right to customers' doorsteps, starting with the company's proposed lithium hydroxide commercial converter and purification facility in Guben, Germany. I plan to build it. A second lithium converter will be built in Red Rock, Ontario, Canada. Rock Tech will source feedstock from its wholly-owned Lake Georgia pyroxene project in the Thunder Bay mining district of Ontario, Canada, as well as from other responsibly producing mines. In the coming years, we will also source raw materials from discarded batteries. To fill the most pressing gaps in the clean mobility story, Rock Tech has assembled one of the most powerful teams in the industry. We have adopted stringent environmental, social and governance standards and have developed proprietary refining processes aimed at further increasing efficiency and sustainability. Rock Tech's goal is to create a closed-loop lithium production system.
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