- Germany has recently
released a new program allowing Rock Tech to apply for up to € 200
million governmental funding.
- The program is a key step toward levelling the playing field
between European and overseas markets.
TORONTO, Oct. 16,
2023 /CNW/ - Rock Tech Lithium Inc. (TSXV:
RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the
"Company" or "Rock Tech") is pleased to announce that it is
applying for additional public funding from the German government.
The German Federal Ministry for Economic Affairs and Climate Action
("BMWK") has recently released a new program in accordance with the
EU Temporary Crisis and Transition Framework (TCTF) allowing the
Company to apply for up to € 200million funding to realize its
lithium converter project in Europe (the "Project").
The Company welcomes the German government's push to
substantially increase support for projects along the battery
supply chain. The aim of the program is to broadly strengthen the
resilience and sustainability of the battery cell manufacturing
ecosystem in Germany and
Europe.
Rock Tech's CEO Dirk Harbecke
says: "We've been very well supported by the City of Guben and the
State of Brandenburg. They have been excellent partners from the
start. And that's why I am also very pleased with the federal
government's funding prospects for the German battery industry,
which I see as a key step toward levelling the playing field
between European and overseas markets."
Rock Tech's COO Klaus Schmitz
states: "Rock Tech has taken the Project to a high degree of
maturity in terms of planning and preparation, so construction
could get started soon. However, the start of material works is
currently contingent on an approval of subsidies from the German
federal ministry. We will assess implications to the construction
plan throughout the process."
The Company is in contact with related authorities and is
looking forward a positive preliminary funding commitment no later
than Q1 2024.
On behalf of the Board of Directors,
Dirk Harbecke, Chairman &
CEO
ABOUT ROCK TECH
Rock Tech is a cleantech company with operations in Canada and Germany on a mission to produce lithium
hydroxide for electric vehicle batteries. The Company plans to
build lithium converters at the door-step of its customers, to
guarantee supply-chain transparency and just-in-time delivery,
beginning with the Company's proposed lithium hydroxide merchant
converter and refinery facility in Guben, Germany. To close the most pressing gap in the
clean mobility story, Rock Tech has gathered one of the strongest
teams in the industry. The Company has adopted strict
environmental, social and governance standards and is developing a
proprietary refining process aimed at further increasing efficiency
and sustainability. Rock Tech plans to source raw material from its
wholly-owned Georgia Lake spodumene project located in the Thunder
Bay Mining District of Ontario,
Canada, as well as procuring it from other responsibly
producing mines. In the years to come, the Company expects to also
source raw material from discarded batteries. Rock Tech's goal: to
create a closed-loop lithium production system.
www.rocktechlithium.com
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 INFORMATION
Certain statements contained in this news release constitute
"forward-looking information" under applicable securities laws and
are referred to herein as "forward-looking statements". All
statements, other than statements of historical fact, which address
events, results, outcomes or developments that the Company expects
to occur are forward-looking statements. When used in this news
release, words such as "expects", "anticipates", "plans",
"predicts", "believes", "estimates", "intends", "targets",
"projects", "forecasts", "may", "will", "should", "would", "could"
or negative versions thereof and other similar expressions are
intended to identify forward-looking statements. In particular,
forward-looking statements contained in this news release include:
estimations or predictions about the outcome or amount of the
available fundings within the subsidy fund; the eligibility of Rock
Tech and its subsidiary for the program; the duration of the
decision process or if Rock Tech is chosen for funding; and the
Company's future plans and expectations as described in the section
"About Rock Tech".
Forward-looking statements by their nature are based on
assumptions and involve known and unknown risks, uncertainties and
other factors which may cause the actual results to differ
materially from the forward-looking statements. The material
factors or assumptions used to develop the forward-looking
statements include: the Company's ability to procure equipment
necessary for its business; that all required regulatory approvals
and permits can be obtained on the necessary terms in a timely
manner; and that financing and feedstock supply will be available
to the Company on commercial terms. There may also be other factors
that cause actual results to differ materially from the
forward-looking statements, including the risks, uncertainties and
other factors discussed in the Company's most recent management's
discussion and analysis and annual information form filed with the
applicable securities regulators.
No assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, and the
Company cautions the reader not to place undue reliance upon any
such forward-looking statements. The Company does not intend, nor
does it assume any obligation to update or revise any of the
forward-looking statements, whether as a result of new information,
changes in assumptions, future events or otherwise, except to the
extent required by applicable law.
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SOURCE Rock Tech Lithium Inc.