Full Circle Lithium Files PCT and US Patent Application for FCL-X™ Lithium-ion Battery Fire Suppression Agent

Rhea-AI Summary

Full Circle Lithium Corp. (FCL) has filed a Patent Cooperation Treaty (PCT) and U.S. patent application for its FCL-X™ lithium-ion battery fire suppression agent. This move aims to protect the commercialization of FCL-X™ in the USA and other major global markets, which could secure up to 20 years of patent protection if granted. CEO Carlos Vicens highlights the significant interest from a major EV manufacturer and the extensive market potential. COO Thomas Currin notes the impressive performance of FCL-X™ in tests, emphasizing its potential to enhance safety in various applications. Concurrently, FCL is seeking up to C$1,000,000 through a private placement to support commercialization efforts and corporate purposes.

Positive

• Filing of PCT and U.S. patent applications for FCL-X™ could secure up to 20 years of patent protection.
• Significant interest from a major EV manufacturer indicates strong market potential.
• Private placement seeking up to C$1,000,000 to support commercialization and corporate purposes.

Negative

• The success of the private placement and commercialization efforts is not guaranteed and subject to market conditions.

• With the increasing awareness of the dangers of lithium-ion battery fires globally, FCL has filed patent applications for its FCL-X™ lithium-ion battery fire-extinguishing agent.
• These patent applications seek to protect FCL for the commercialization of FCL-X™ in the USA, with the additional flexibility for FCL to also seek protection in most major markets globally.

TORONTO, June 26, 2024 /PRNewswire/ - Full Circle Lithium Corp. ("FCL" or the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium products manufacturer, reports that it has achieved a significant milestone by filing a Patent Cooperation Treaty ("PCT") and US Patent Application for its proprietary FCL-X™ lithium-ion battery fire-extinguishing agent. The PTC application allows FCL to seek protection for FCL-X™ in most major markets throughout the world. The U.S. non-provisional patent application and any national-stage patent applications based on the PCT application, if granted, have the potential to obtain 20 years of patent protection.

Carlos Vicens, CEO, Director & Co-founder, commented, "We believe the patent application process we have initiated is an important step in protecting FCL-X™ as we advance the commercialization efforts in the USA and, thereafter, internationally.  We announced our first sales to a major EV manufacturer two weeks ago and the interest level has been significant.  The addressable market is large, and our sales and operating staff will be extremely busy this summer with FCL-X™ demonstrations and ramping up production."

It is becoming more evident to the world that lithium-ion battery fires present significant health, safety, environmental, and business continuity risks for the entire lithium supply chain, and that fire-fighting agents like FCL-X™ represent an important and required addition to the safe growth of the entire battery driven economy.

One of the developers of FCL-X™ is Thomas Currin, COO and co-founder of FCL, whose prior experience includes co-inventor of the Class D copper powder fire extinguisher and co-author of the US National Fire Protection Association's 485 Standard for the Storage, Handling, Processing and Use of Lithium Metal.  FCL-X™ is FCL's proprietary fire-extinguishing agent specifically designed for fighting lithium-ion battery fires in various applications including commercial, industrial, transportation residential settings, and for use by first responders.

"Industry participants who have tested FCL-X™ have been impressed by the speed and efficiency by which FCL-X™ fully extinguished the battery fire, thus reducing hazardous smoke" commented Thomas Currin, COO & Co-Founder, who further remarked "The technology of FCL-X™ embodied in this patent application will allow us to proceed with our planned commercial efforts. We believe that the FCL-X™ if commercialized at scale, will provide a best-in-class, breakthrough product for lithium-ion battery fires that could save human lives as well as reduce property damage." 

In conjunction with the FCL-X™ commercialization efforts, advancing midstream recycling, and for general, administrative and corporate purposes, the Company is undertaking a best-efforts private placement (the "Offering") of Units (each a "Unit") at C$0.25 per Unit, for gross proceeds of up to C$1,000,000, subject to increase based upon demand. Each Unit is comprised of one common share in the capital of the Corporation (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one Share at $0.35 per Share for a period of 2 years from the completion of the Offering, expected to close on July 9, 2024, or earlier given strong insider lead orders and expressions of interest in the Offering. PowerOne Capital Markets is acting as the finder on the Offering.

About Full Circle Lithium Corp.

Situated in the epicenter of the largest EV buildout in North America, FCL's fully permitted lithium products manufacturing plant in the state of Georgia, USA combined with a complement of seasoned lithium experts, makes FCL a unique processor and manufacturer of lithium products. 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. Following on the Company's mantra of the "home of lithium science", FCL has also developed an innovative battery fire-extinguishing agent (FCL-X™) to address the increasing number of difficult to extinguish and hazardous lithium battery-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 production and additional commercialization related to the battery fire extinguishing agent which is at an early stage of development and commercialization (which is very difficult for a start-up venture like FCL as there are much larger and better capitalized established companies that can potentially quickly enter the lithium-ion battery fire-fighting market and create strong competition against FCL), on receiving patent protection for this fire-extinguishing agent and related inventions and processes, the ability of FCL, a start-up venture, to successfully commercialize its fire-extinguishing agent including ramping-up production of the agent to meet potential demand, continue raising capital, upgrading and refurbishing its plant, and sourcing feedstock for its lines of 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 battery fire-extinguishing agent 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 Corp.

FAQ

What is FCL-X™?

FCL-X™ is Full Circle Lithium's proprietary lithium-ion battery fire suppression agent.

What is the stock symbol for Full Circle Lithium?

The stock symbol for Full Circle Lithium is FCLIF.

When did Full Circle Lithium file the patent applications for FCL-X™?

Full Circle Lithium filed the PCT and U.S. patent applications on June 26, 2024.

What are the potential benefits of the FCL-X™ patent?

If granted, the patent could provide up to 20 years of protection for FCL-X™, aiding in its commercialization.

How much is Full Circle Lithium aiming to raise through the private placement?

Full Circle Lithium is aiming to raise up to C$1,000,000 through the private placement.

When is the private placement expected to close?

The private placement is expected to close on July 9, 2024, or earlier.