Green Technology Metals (ASX:GT1) partners with EcoPro for Ontario’s first integrated lithium production facility
Green Technology Metals (ASX:GT1), a Canadian-focused multi-asset lithium company, has announced a transformative partnership with South Korean EV battery metals producer, EcoPro Innovation Co., Ltd.
This collaboration marks a significant milestone in Green Technology Metals‘ journey to establish Ontario’s first vertically integrated lithium production facility.
The strategic partnership and investment by EcoPro, worth A$8 million, underline GT1’s ambition to become a leading lithium chemical supplier in North America.
Highlights
- Strategic Investment: EcoPro has committed A$8 million through a two-tranche equity investment in GT1, subscribing for 64 million ordinary shares at a 40% premium over GT1’s 90-day volume-weighted average price.
- Project Collaboration: The partnership will focus on both upstream and downstream activities, including the potential development of lithium mines and the construction of a Lithium Conversion Facility in Ontario, Canada.
- Exclusive Rights: EcoPro will have exclusive rights for 12 months to negotiate and agree on asset-level investments in GT1’s Seymour and Root mine projects, with the possibility of forming joint ventures to advance these projects.
- Technology and Expertise: EcoPro brings its extensive experience in lithium hydroxide production and patented extraction technology, which is crucial for the success of the proposed Lithium Conversion Facility.
- Government Engagement: A joint application for government funding has been submitted to Invest Ontario to support the proposed Lithium Conversion Facility, which will significantly enhance Ontario’s role in the global battery electric vehicle supply chain.
Cameron Henry, Managing Director of GT1, commented on the partnership, stating, “Attracting a top-tier partner like EcoPro, along with the investment at a premium, provides further validation of our company, team, and assets. This partnership now paves the way forward, both financially and technically, for us to continue with our development strategy. EcoPro stands out as a strategic partner with invaluable experience in lithium conversion and battery materials production, which will greatly benefit GT1 as we advance our integrated strategy in North America.”
The partnership between Green Technology Metals and EcoPro is set to be a game-changer for the lithium industry in Ontario, positioning the region as a key player in the global transition to electric vehicles.
The collaboration not only secures substantial investment but also brings world-class expertise to the development of a vertically integrated lithium supply chain in North America.