Lithion Technologies

Lithion Technologies (formerly Lithion Recycling) is a Canadian lithium-ion battery recycling company that uses a patented hydrometallurgy recycling process to safely dismantle lithium-ion batteries and produce battery-grade materials. The company’s technological process allows 95% of the batteries’ components such as cobalt, lithium, and graphite to be recovered and be reused by battery manufacturers.

In May 2023, the company advanced the construction of its first commercial critical mineral extraction plant in St-Bruno-de-Montarville, Canada, capable of processing over 20,000 metric tons of lithium-ion batteries per year, and became operational in May 2024. This will be followed by the construction of a hydrometallurgy plant to separate the concentrate produced in the extraction plant into its components, producing battery-grade lithium, cobalt, and nickel from over 30,000 metric tons of black mass per year, with commissioning planned for 2028. Lithion also has several plant projects underway in the United States, Europe, and Korea.

Key customers and partnerships

In March 2021, Lithion Technologies partnered with Hyundai Canada for the recovery and recycling of high-voltage batteries from certain of its hybrid, plug-in hybrid and electric vehicles. In June 2021, the company partnered with Nouveau Monde, a company developing advanced carbon-neutral graphite-based materials solutions, for recycling graphite to reuse it as anode material in lithium-ion batteries. In addition, the company also entered into a product development partnership with Call2Recycle (October 2021), a North American company focused on battery collection and recycling, to develop a full-service management solution to recycle EV batteries across North America. In January 2022, Lithion partnered with IS Dongseo Company to grant an operating license for its lithium-ion battery recycling technology in the Korean market.

Funding and financials

In January 2022, the company closed the initial Series A round, potentially raising up to CAD 125 million, led by IMM Investment Global Limited. The funds were intended for constructing and commissioning the first commercial dismantling and grinding plant in Quebec, opening a technology development center, and completing engineering studies for a hydrometallurgy plant in Quebec. In September 2022, Lithion received an undisclosed investment from GM Ventures as part of its Series A financing round. In April 2022, the company received funding of USD 22.5 million from the Government of Quebec, comprising a USD 15 million investment in the company's share capital and a USD 7.5 million grant to deploy the three main phases of its industrialization plan.