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Li-Metal completes all cash transaction for sale of lithium metal technology
Transaction includes long term supply agreement for lithium metal to support anode development
Toronto, Ontario--(Newsfile Corp. - August 2, 2024) - Li-Metal Corp. (CSE: LIM) (OTCQB: LIMFF) (FSE: 5ZO) ("Li-Metal" or the "Company"), a leading developer of lithium metal anode production technologies essential for next-generation batteries, is pleased to announce that it has completed today the sale of certain assets constituting its lithium metal production business (the "Assets") to Arcadium Lithium plc ("Arcadium" or the "Purchaser"). Pursuant to a definitive Asset Purchase Agreement dated August 2, 2024 (the "Agreement"), Li-Metal sold the assets for aggregate cash consideration paid today by the Purchaser of US$11,000,000. The Assets include all of Li-Metal's lithium metal production technology, including all related patents, proprietary know-how, and physical assets utilized in lithium metal production.
Pursuant to the Agreement, Arcadium, amongst other things, will assume operations of Li-Metal's pilot metal production facility located in Markham, Ontario, to continue the commercialization of lithium metal production technology. To support Li-Metal's next generation lithium metal anode commercialization, parties have entered into a supply agreement under which Arcadium will provide lithium metal to Li-Metal as part of a long term off-take agreement.
"The sale of our lithium metal technology to Arcadium, North America's largest established lithium metal producer, represents a pivotal milestone in Li-Metal's journey. This transaction validates the exceptional work of our dedicated team in advancing lithium metal production through our patented carbonate-to-metal process. The capital generated from this sale allows for continued development of our ultra-thin, high energy density anodes for next-generation batteries. This investment will further solidify our commitment to pioneering innovations in battery technology," Keshav Kochhar, CEO, stated.
In addition, and pursuant to the Agreement, Li-Metal's Chief Technology Officer and co-founder, Maciej Jastrzebski, has stepped down form his position and will be working with Arcadium to facilitate the transfer of technology and team. Mr. Jastrzebski will, however, continue in a consulting role with the Company to assist in the continued development of its anode business.
About Li-Metal Corp.
Li-Metal (CSE: LIM) (OTCQB: LIMFF) (FSE: 5ZO) is a leader in the development of advanced anode production technology to support next generation batteries, providing potential for longer range electric vehicles, electric flight and other advanced applications. At Li-Metal's Rochester facility, the Company continues to actively work with automotive and battery manufacturers in the advancement of next generation batteries. Li-Metal supports battery developers' ability to power more cost-effective electric vehicles that go farther and unlock the future of transportation. For more information, visit: https://li-metal.com.