Site Selection Process Underway for First Expected Lithium
Hydroxide Converter in Eastern
VANCOUVER, BC, March 8, 2022 /CNW/ – Rock Tech Lithium Inc.
(TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the
"Company" or "Rock Tech") is pleased to announce the
signing of a non-binding Memorandum of Understanding ("MoU")
with the Government of Romania.
The MoU provides for cooperation and support in the Company's
search for a location in Romania
for one of the Company's next planned lithium hydroxide converters
(the "Converter") and, in the longer term, the construction
and operation of such Converter.
Rock Tech believes that a key factor in the site selection
process of its second proposed Converter will be access to regional
infrastructure, such as transportation links and a rail connection.
Rock Tech will seek a close collaboration with authorities,
experts, and local partners for all further planning steps.
Following the signing of the MoU, the Company expects to start
examining various locations in Romania and elsewhere in Eastern Europe for the site of its proposed
Converter, which will further Rock Tech's strategy of building
several Converters across Western and Eastern Europe to supply the European electric
vehicle industry with high quality lithium hydroxide. The proposed
Converter will refine lithium-bearing rock into high-purity lithium
hydroxide, which is needed by the electric vehicle industry and its
suppliers to manufacture batteries for electric vehicles.
The proposed Converter is expected to produce approximately
24,000 metric tons of lithium hydroxide per year, equivalent to the
volume needed to equip around 500,000 electric cars with
lithium-ion batteries. With an estimated capital cost of
approximately €400 million, the proposed Converter is expected to
provide significant and enduring economic benefits, including the
direct and indirect creation of more than 500 jobs during its
construction and operation.
The MoU establishes a framework meant to address a number of
significant factors in the Company's decision-making process, which
- access to government grants and other financial incentives to
support the development of a large scale, commercial cleantech
- predictable and reasonable permitting and approvals processes
and timelines; and
- streamlined sharing of information and data for collaboration
among project stakeholders.
"We want to initiate the construction and operation of five
lithium-hydroxide converters in Europe by 2029 and are grateful for the
Government of Romania to support
us in finding the ideal location for one of our next converters. It
took us almost two years to find and sign our first location in
Guben, Brandenburg. To keep our ambitious targets, we plan wisely
and long-term. We not only want to invest in Romania, but also build up know-how, create
jobs and work closely with local partners," states Dirk Harbecke, Chairman of Rock Tech
About Rock Tech Lithium Inc.
Rock Tech Lithium is a cleantech company with operations in
Canada and Germany that aims to supply the automotive
industry with high quality lithium hydroxide "made in Germany". As early as 2024, the Company
intends to commission Europe's
first lithium converter with a nameplate production capacity of
24,000 tonnes per year. This is equivalent to the volume needed to
equip around 500,000 electric cars with lithium-ion batteries.
The Company has set itself the goal of creating the world's
first closed loop for lithium, thus closing the raw material gap on
the road to clean mobility. Rock Tech owns the Georgia Lake Project
in Ontario, Canada and, as early
as 2030, around 50 percent of the raw materials used are expected
to come from the recycling of batteries.
Rock Tech Lithium - The super fuel for the battery
On behalf of the Board of Directors,
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Concerning Forward-Looking
The following cautionary statements are in addition to all other
cautionary statements and disclaimers contained elsewhere in, or
referenced by, this press release.
Certain information set forth in this press release contains
"forward-looking information" and "forward-looking statements"
(collectively, "forward-looking information") within the meaning of
applicable securities laws, which are based on Rock Tech's current
expectations, estimates, and assumptions in light of its experience
and is perception of historical trends. All statements other than
statements of historical facts may constitute forward-looking
information. Often, forward-looking information can be identified
by the use of words or phrases such as "estimate", "project",
"anticipate", "expect", "intend", "believe", "hope", "may" and
similar expressions, as well as "will", "shall" and all other
indications of future tense. All forward-looking information set
forth in this press release is expressly qualified in its entirety
by the cautionary statements referred to in this section.
In particular, this new release contains forward-looking
information pertaining to: the features and location of the
proposed Converter, including the costs and benefits thereof;
statements regarding future plans, estimates, and schedules
relating to the Company's Converter strategy; statements regarding
future activities undertaken in connection with the MoU;
anticipated production of lithium hydroxide and related processing
methods; statements and expectations regarding the electric vehicle
industry; Rock Tech's planning, approval and decision-making
process, including relevant factors taken into consideration by the
Company; Rock Tech's opinions, beliefs and expectations regarding
the Company's business strategy, development and exploration
opportunities and projects, and plans and objectives of management
for the Company's operations and properties.
Forward-looking information contained in this press release is
based on certain assumptions, estimates, expectations, analysis and
opinions of the Company and in certain cases, third party experts,
that are believed by management of Rock Tech to be reasonable at
the time they were made. Such assumptions, estimates and other
factors include, among other things: the supply and demand for,
deliveries of, and the level and volatility of prices of, feedstock
and intermediate and final lithium products, expected growth,
performance and business operations, future commodity prices and
exchange rates, prospects, growth opportunities and financing
available to the Company, general business and economic conditions,
results of development and exploration, Rock Tech's ability to
procure supplies and other equipment necessary for its business.
The foregoing list is not exhaustive of all assumptions which may
have been used in developing the forward-looking information. While
Rock Tech considers these assumptions, estimates and factors to be
reasonable based on information currently available, they may prove
to be incorrect. Forward-looking information should not be read as
a guarantee of future performance or results.
In addition, forward-looking information involves known and
unknown risks and uncertainties and other factors, many of which
are beyond Rock Tech's control, that may cause Rock Tech's actual
events, results, performance and/or achievements to be materially
different from that which is expressed or implied by such
forward-looking information. Risks and uncertainties that may
cause actual events, results, performance and/or achievements to
vary materially include the Company's ability to access funding
required to invest in available opportunities and projects
(including the proposed Converter) and on satisfactory terms, the
current and potential adverse impacts of the COVID-19 pandemic and
recent geopolitical hostilities, the anticipated benefits of MoU
may not be realized; the risk that Rock Tech will not be able to
meet its financial obligations as they fall due, changes in
commodity and other prices, Rock Tech's ability to attract and
retain skilled staff and to secure feedstock from third party
suppliers, unanticipated events and other difficulties related to
construction, development and operation of the proposed Converter,
the cost of compliance with current and future environmental and
other laws and regulations, title defects, competition from
existing and new competitors, changes in currency, exchange rates
and market prices of Rock Tech's securities, Rock Tech's history of
losses, impacts of climate change and other risks and uncertainties
described from time to time in Rock Tech's public disclosure
documents available on the Company's SEDAR profile at
www.sedar.com, including those discussed under the heading
"Financial Instruments and Other Risks" in Rock Tech's most
recently filed Management Discussion and Analysis. Such risks and
uncertainties do not represent an exhaustive list of all risk
factors that could cause actual events, results, performance and/or
achievements to vary materially from the forward-looking
We cannot assure you that actual events, results, performance
and/or achievements will be consistent with the forward-looking
information and management's assumptions may prove to be incorrect.
Forward-looking information reflects Rock Tech management's views
as at the date the information is created. Except as may be
required by law, Rock Tech undertakes no obligation and expressly
disclaims any responsibility, obligation or undertaking to update
or to revise any forward-looking information, whether as a result
of new information, future events or otherwise, to reflect any
change in Rock Tech's expectations or any change in events,
conditions or circumstances on which any such information is
Given these uncertainties, readers are cautioned not to rely on
the forward-looking information set forth in this press
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SOURCE Rock Tech Lithium Inc.