Lithion Recycling announces closing of a first significant tranche of up to C$125 million Series A financing

On January 24, 2022, Lithion Recycling Inc. (“Lithion”) announced it reached financial close of a first tranche of Series A equity with a strategic group of investors led by IMM Investment Global Limited (“IMM Global”) and supported by Fondaction and its managed fund, the LCC Fund.

The size of the first round is expected to reach up to C$125 million.

As a result of their significant investment, IMM Global will join Lithion’s Board of directors.

Further information can be found on Business Wire’s website.

Lithion has developed an efficient and cost-effective process to recover strategic materials from end-of-life and product waste of lithium-ion batteries. The process allows up to 95% of battery components to be recovered and treated so that they can be reused by battery manufacturers, enabling to close the lifecycle in batteries.

IMM Global is a pure-play overseas investment arm of IMM Investment Corp., a leading alternative asset manager in Korea with U$5 billion assets under management.

A forerunner in sustainable finance for the past 25 years, Fondaction brings together individuals that are mobilizing for the positive transformation of society, taking action to make Québec’s economy more equitable, inclusive, green and successful. As a labour-sponsored fund, Fondaction represents tens of thousands of savers and hundreds of companies committed to helping Québec progress. It manages net assets of more than C$3.34 billion invested in hundreds of businesses and in financial markets, prioritizing investments that generate positive economic, social and environmental impacts in addition to a financial return.

LCC Fund supports the growth of businesses whose activity, such as energy efficiency, clean energy production and the reclamation of residual materials, results in a significant reduction in greenhouse gas emissions.