Rising Incidence of Residential and Industrial Lithium-ion Battery Fires Sparks Urgent Need for Advanced Safety Measures
FCL-X™ recently passed the Dutch standardized test (known as the NTA 8133) which is the most rigorous test on portable fire extinguishers for lithium-ion battery fires in the world.
FCL-X™ has exceptional cooling capability and has demonstrated no reignition while demonstrating the best cell survival rate of any portable fire extinguishers tested to date.
FCL-X™ is now available direct to consumers at AMAZON link here
FCL continues to have discussions with larger regional and national distributors to formalize sales of FCL-X™ products to the commercial, industrial and public sectors.
TORONTO, Oct. 10, 2024 /PRNewswire/ - Full Circle Lithium Corp. ("FCL" or the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium products manufacturer, is pleased to announce that its FCL-X™ specialty lithium-ion battery fire extinguisher is now available to the public in North America through AMAZON.
Full Circle Lithium logo (CNW Group/Full Circle Lithium Corp.)
With the global rise in the use of lithium-ion batteries across various devices, there has been a concerning increase in the incidence of lithium-ion battery fires. As these fires pose significant risks to personal safety and property, the demand for an effective fire suppression solution has never been more critical. FCL-X™ is at the very forefront of the critical fight against lithium-ion battery fires and is expected to attract serious attention in this new and growing global market. FCL has and will continue to have discussions with distributors in the fire suppression industry that have significant reach in North America in the commercial, industrial and public sectors.
Lithium battery fires, often caused by thermal runaway, present unique challenges due to their high energy release and potential for re-ignition. Traditional fire extinguishers fail to address these fires effectively, leaving users vulnerable to repeated outbreaks, reignition, and prolonged danger. The FCL-X™ specialty lithium-ion battery fire extinguisher is specifically engineered to quickly, safely, and fully extinguish lithium battery fires. Its advanced design and technology offer unmatched protection, ensuring swift action to mitigate risks and safeguard lives and property. In addition, FCL-X™ has achieved the world-renowned leading lithium-ion battery fire extinguishing Dutch Standard Designation (the "NTA 8133"), other preliminary tests are on-going to obtain a final report and stamp.
Key features of the FCL-X™ Lithium-ion Battery Fire Extinguisher include:
Immediate Response:FCL-X™ is designed for rapid deployment, allowing users to tackle fires at the onset, significantly reducing damage and danger. Comprehensive Safety: Utilizing a proprietary water-based, non-toxic, non-PFAS, environmentally friendly extinguishing agent, the FCL-X™ ensures user safety and minimizes environmental impact. Compact and Portable Design:FCL-X™lithium-ion battery fire extinguisher is available in a compact 2.5-gallon format making it easy to store and access, ideal for homes, offices, and many other settings.
"We are witnessing an unprecedented rise in lithium battery fires as these batteries become integral to modern technology. These fires aren't limited to just industrial and commercial settings. Nearly every household in North America contains multiple lithium batteries, powering devices such as laptops, e-bikes, power tools, cell phones, and electric vehicles." said Carlos Vicens, CEO of Full Circle Lithium. "FCL-X™ is a critical innovation, providing a reliable and effective solution where traditional extinguishers fall short. Its availability on AMAZON means more people can protect themselves and their homes with the best safety technology available."
The FCL-X™ Extinguisher in its 2.5-gallon version is now accessible to consumers and businesses via AMAZON in North America only, offering a robust line of defense against the growing threat of lithium battery fires. Additional sizes and formats will be available soon.
FCL-X™is Uniquely Formulated to Fight Lithium-ion Battery Fires
Lithium-ion battery fires are the result of thermal runaway and catastrophic failure of the battery, caused by factors such as overcharging, overheating, physical damage, or internal battery malfunction, posing significant risks to property, life, and the environment. Thermal runaway happens when Lithium-ion batteries hit high temperatures, releasing toxic gases and igniting. Cooling the entire battery pack is crucial to stop the reaction in the damaged cells of the battery and prevent overheating and ignition in additional cells. FCL-X™ was specifically designed to extinguish and mitigate the hazards of Lithium-ion battery fires and also to quickly cool additional battery cells in the battery module.
The Company is also announcing a correction to its previous press release issued on July 19, 2024 (the "July Press Release") with respect to the closing of the Offering (as defined in the July Press Release). Under the Offering, a total of 6,262,000 Units (as defined in the July Press Release) were issued for total gross proceeds of $1,565,500. The Company issued 394,535 Finder Warrants (as defined in the July Press Release) and paid cash commissions of $98,633.75 to arm's length finders in connection with the Offering. All other details of the Offering described in the July Press Release remain unchanged.
Update On Operations
Hurricane Helene Impact
In the aftermath of Hurricane Helene's devastating impact on the Southeastern United States, we express our heartfelt condolences to the communities, families, and individuals affected by this catastrophic event. We understand the significant challenges faced by those in areas where the storm has left many without power, water, and essential resources. The tragic loss of life, including that of courageous first responders, highlights the severity of Helene's effects. Our thoughts are with everyone whose lives have been changed by this hurricane.
The rural communities in Georgia, where our employees and their families live and where we operate, have felt these impacts directly. The resilience demonstrated by these communities and our employees, as they come together to support one another, reflects the strength of the human spirit. Our teams are collaborating closely with local utilities to aid efforts in restoring power and communications, which are crucial for the affected regions, including our plant in Nahunta. Their dedication and perseverance have been truly inspiring.
Currently, operations at the Nahunta plant are suspended due to power outages and other infrastructure issues in the area. A timeline for reopening will be determined following assessments conducted over the next few days. At this time, we can confirm that there has been no major impact on the Nahunta plant's operations.
Recycling and Processing Operations
Due to the ongoing challenges in the lithium market, including prolonged low pricing and negative trends impacting all related businesses, FCL has for some time been shifting its focus to one of its several business opportunities – its FCL-X™ fire extinguishing agent - which it believes could generate substantial revenue in the near term and is not directly impacted by lithium pricing. Consequently, the Company is not, at this time, pursuing its other lithium price sensitive business opportunities, being its lithium battery recycling, industrial (midstream) lithium brine processing, and upstream lithium brine processing, leading to a reduction in headcount, and savings in operational and administrative costs.
About Full Circle Lithium Corp.
Following the Company's mantra of the "home of lithium science", FCL has developed an innovative lithium-ion battery fire-extinguishing agent (FCL-X™) to address the increasing number of difficult to extinguish and hazardous lithium-ion battery-based fires. A PCT patent application has been filed by the company to protect its FCL-X™ invention. Additional information regarding FCL is available on SEDAR at www.sedar.com under the Company's profile and on its website www.fullcirclelithium.com.
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements within the meaning of securities legislation in the Canada and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by use of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "could", "believe", "plans", "intends" or the negative of these words or other variations on these words or comparable terminology. More particularly, and without limitation, this news release contains forward-looking statements and information concerning expectations on the viability, effectiveness, safety and any potential production and additional commercialization related to the battery fire extinguishing agent which is at an early stage of development and commercialization (which is very difficult for a start-up venture like FCL as there are much larger and better capitalized established companies that can potentially quickly enter the lithium-ion battery fire-fighting market and create strong competition against FCL), on receiving patent protection for this fire-extinguishing agent and related inventions and processes, the ability of FCL, a start-up venture, to successfully commercialize its fire-extinguishing agent including ramping-up production of the agent to meet potential demand, continue raising capital, upgrading and refurbishing its plant, and sourcing feedstock for its lines of business. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the uncertainties and risk factors related to the technical elements in a processing and refining business, loss of key technical and other staff, lithium price fluctuations, the battery fire-extinguishing agent functioning as expected to meet safety requirements and fire-fighting related government regulations and potential client product specifications, and applicable environmental requirements and issues – see additional risks described in FCL's public filings. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. FCL disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law. Additionally, FCL undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of FCL, its financial or operating results or its securities.
