Full Circle Lithium Develops Specialty Lithium Battery Fire Suppression Solution

Rhea-AI Summary

FCL - Full Circle Lithium Corp. announces the development of a unique fire suppressant solution (FSS) specifically designed for lithium battery fires. The FSS, based on lithium chemistry, has shown positive results in third-party tests, effectively extinguishing lithium battery fires and preventing reignition. The FSS is environmentally friendly, reduces water usage, and addresses a significant global market need for lithium battery fire-fighting solutions to support the EV transition.

Positive

• FCL's FSS has demonstrated exceptional effectiveness in extinguishing lithium battery fires in third-party tests, outperforming water in terms of speed and prevention of reignition.
• The FSS is environmentally friendly, reduces water usage, and neutralizes the chemical reactions causing lithium battery fires, addressing a significant global market need for lithium battery fire-fighting solutions to support the EV transition.
• The FSS offers a first-mover advantage in a global business opportunity, as there are currently no known effective fire-fighting solutions available that are rooted in lithium chemistry, environmentally safe, and practical to deploy in a broad range of lithium battery fire scenarios.

Negative

• None.

• Developed specifically from lithium chemistry, FCL's Fire Suppressant Solution ("FSS") neutralizes the chemical reactions that cause lithium battery fires
• Testing by a renowned third-party laboratory confirms the efficacy of the FSS
• The FSS was invented by FCL and is subject to intellectual property protection
• Global market requires effective lithium battery fire fighting solutions like FCL's FSS to support the EV transition

TORONTO, Nov. 14, 2023 /PRNewswire/ - Full Circle Lithium Corp. ("FCL" or the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium products manufacturer and recycler with a highly experienced technical team and a fully permitted lithium processing plant in Georgia, is pleased to provide an update on its proprietary fire suppressant solution ("FSS") invention, a unique solution for lithium battery fires.

The Company's unique and innovative FSS invention is progressing through a number of tests being conducted by a recognized US-based testing facility to verify FCL's internal positive results. The initial test results from this third-party lab are exceedingly positive for FCL's FSS and have confirmed internal results:

• The first test consisted of igniting a collection of nineteen 1865 cylindrical lithium-ion batteries and testing the FSS properties on this fire and comparing those results to extinguishment using only water. Using only half of a liter of the FSS, the fire was extinguished in less than 5 seconds and, importantly, the fire did not reignite. Water only put out the battery fire momentarily, but the batteries reignited after three water applications due to heat generated from the reaction.
• The second test consisted of igniting a larger e-bike lithium battery. Again, using only 0.75 liters of the FSS, the fire was extinguished in less than 5 seconds, and it did not reignite. Conversely, with considerably more volume of water, the e-bike battery fire did initially go out, but it reignited after three water applications and took one hour to cool to ambient temperature.
• The last test will consist of igniting 50 kWh EV Lithium-ion batteries and running the same tests comparing FCL's FSS versus water.

"Battery fires are a serious and growing problem for the global EV and lithium battery industry that require a specially developed lithium chemistry-based fire-fighting solution, not currently available in the market. We believe our FSS may well be a cornerstone fire-fighting solution for this problem," commented Carlos Vicens, FCL's CEO. "We look forward to completion of third-party testing of our specialty solution, and then formulating a commercialization plan for the benefit of the EV and lithium battery industry and our stakeholders."

Lithium battery fires are complex chemical reactions that are difficult to fight with conventional means. In addition, lithium battery fires are highly toxic, including emitting hydrofluoric acid and other gases that can potentially be lethal. FCL's FSS neutralizes the battery fire causing reactions so that these toxins do not continue to be created and released into the environment. FCL's FSS proprietary active ingredients are safe, significantly reduce water usage, and are environmentally friendly.

Initial market assessment analysis of specialty fire suppressants for the lithium battery industry indicated a very significant and growing global problem and business opportunity with currently no known effective fire-fighting solutions available that are rooted in lithium chemistry, environmentally safe, and practical to deploy in a broad range of lithium battery fire scenarios. The Company believes that FCL's FSS has a first-mover advantage in what it foresees as a very significant global business opportunity.

The Company also wishes to correct its previous announcement on September 6, 2023, regarding the option grant to TLG Growth Capital ("TLG"). A total of 375,000 options (the "Options") were granted to TLG, rather than 500,000 options which was previously announced. The Options have an exercise price of $0.70 and expire on September 5, 2028.

About Full Circle Lithium Corp.

Situated in the epicenter of the largest EV buildout in North America, FCL's fully permitted lithium carbonate processing plant in the state of Georgia, USA combined with a complement of seasoned lithium experts makes FCL a different processor and manufacturer of lithium compounds. FCL is focused on lithium and battery materials reintegration to meet the demand for crucial battery-grade raw materials, utilizing proprietary technology and know-how. In addition to its lithium carbonate plant, FCL is focused on three complementary feedstock processing divisions: battery recycling from off-spec and end-of-life lithium-ion batteries, lithium mid-stream recycling from industrial and chemical feedstock, and lithium refinery from upstream feedstock. Following on the Company's mantra of "the home of lithium science", FCL has now also developed an innovative and patented Fire Suppressant Solution (FSS), to address the increasing number of difficult to extinguish and hazardous lithium based fires. Additional information regarding FCL is available on SEDAR at www.sedar.com under the Company's profile and its website www.fullcirclelithium.com

Cautionary Statement

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements within the meaning of securities legislation in the Canada and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by use of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "could", "believe", "plans", "intends" or the negative of these words or other variations on these words or comparable terminology. More particularly, and without limitation, this news release contains forward-looking statements and information concerning expectations on the viability, effectiveness, safety and any potential commercial production and commercialization related to the fire suppressant solution which is at an early stage of testing and development, on receiving patent protection for the fire suppressant solution and related inventions and processes, the ability of FCL, a start-up venture, to continue raising capital, upgrading and refurbishing its plant, and sourcing feedstock for its business. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the uncertainties and risk factors related to the technical elements in a processing and refining business, loss of key technical and other staff, lithium price fluctuations, the fire suppressant solution functioning as expected to meet safety requirements and fire-fighting, related government regulations and potential client product specifications, and applicable environmental requirements and issues – see additional risks described in FCL's public filings. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. FCL disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law. Additionally, FCL undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of FCL, its financial or operating results or its securities.

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SOURCE Full Circle Lithium Inc

FAQ

What is FCL's Fire Suppressant Solution (FSS)?

FCL's Fire Suppressant Solution (FSS) is a unique fire suppressant specifically designed for lithium battery fires. Developed from lithium chemistry, the FSS effectively neutralizes the chemical reactions causing lithium battery fires, addressing a significant global market need for lithium battery fire-fighting solutions to support the EV transition.

How effective is FCL's FSS in extinguishing lithium battery fires?

FCL's FSS has shown exceptional effectiveness in third-party tests, outperforming water in terms of speed and prevention of reignition. It reduces water usage, is environmentally friendly, and addresses a significant global market need for lithium battery fire-fighting solutions to support the EV transition.

What are the advantages of FCL's FSS over conventional fire-fighting solutions?

FCL's FSS is environmentally friendly, reduces water usage, and has a first-mover advantage in addressing a significant global market need for lithium battery fire-fighting solutions to support the EV transition. It is rooted in lithium chemistry, making it a unique and practical solution for a broad range of lithium battery fire scenarios.

What was the correction made by FCL regarding the option grant to TLG Growth Capital?

FCL corrected its previous announcement on September 6, 2023, regarding the option grant to TLG Growth Capital. A total of 375,000 options were granted to TLG, rather than the previously announced 500,000 options. The Options have an exercise price of $0.70 and expire on September 5, 2028.