According to Fortune Business Insights, the North American lithium-ion battery recycling market is expected to explode to $265.08 million by 2028 registering an impressive 19.1% CAGR from 2021 to 2028. Thanks to the rapid pace of technological advancements, lithium-ion batteries have become the leading power source for battery powered devices and vehicles in spite of their limited life-span of two to three years. In order to limit the environmental impact of disposing of these batteries several companies have developed innovative solutions and processes for recycling and upcycling the materials used for the battery composition.
One of the major players in this space is American Manganese (OTCQB:AMYZF) (TSXV:AMY) which is focused on the upcycling of lithium-ion battery waste into high-value battery cathode materials, using its closed-loop RecycLiCo™ Patented Process. The company’s proprietary recycling process boasts of minimal steps with up to 99% of lithium, cobalt, nickel and manganese extraction. As such, it’s no surprise that the company has attracted significant investor interest.
Recently American Manganese provided a corporate update regarding the progress it had made in its demonstration plant project located in Vancouver, Canada. The company revealed that the recycling equipment for the demonstration plant had already been put in place and the commissioning was going to proceed on schedule.
Roughly 3,500kg of lithium-ion battery cathode scrap has been received as initial feedstock for the 500 kg per day demonstration plant. The company intends to use this initial feedstock as a means of validating the demonstration plant’s real-world efficiency in addition to providing qualification material for interested third parties. “Our structured approach from initial concept, lab testing, piloting, and modeling gives us confidence in our scaled-up selection of equipment and planned testing procedures,” said Larry Reaugh, President and CEO of American Manganese.
While the corporate update did not have an immediate effect on the company’s stock price, it will be interesting to see how the market reacts to the news over the next couple of days.
