Full Circle Lithium Successfully Tests Its Proprietary Lithium-Ion Battery Fire-Extinguishing Agent with Global EV OEM and the Georgia Ports Authority

Rhea-AI Summary

Full Circle Lithium (FCL) has successfully tested its rebranded lithium-ion battery fire-extinguishing agent, FCL-X®, with a global EV OEM and the Georgia Ports Authority. The tests, conducted at Georgia's meta plant and monitored by local fire departments, demonstrated FCL-X®'s effectiveness in quickly extinguishing lithium-ion battery fires, reducing toxic smoke, and requiring minimal clean-up. Independent laboratory tests confirmed FCL-X® outperformed other agents in speed and efficiency. FCL is now poised to commercialize FCL-X® in North America, targeting sectors such as automotive, residential, and energy storage. CEO Carlos Vicens highlighted the significant market opportunity, especially in Georgia, where numerous EV-related projects are underway.

Positive

• Successful tests of FCL-X® with a global EV OEM and the Georgia Ports Authority.
• Independent laboratory tests confirmed FCL-X®'s superior performance in extinguishing lithium-ion battery fires compared to other agents.
• FCL-X® effectively reduced toxic smoke and required minimal clean-up.
• FCL is set to commercialize FCL-X® in North America, targeting multiple industries.
• FCL-X® has received positive reviews from multiple stakeholders, including EV OEM and local fire departments.
• Potential significant market in Georgia with its focus on EV projects worth over US$20 billion.

Negative

• No concrete sales data or financial projections provided.
• No information on the cost of production or pricing strategy for FCL-X®.
• Potential market competition from other emerging lithium-ion battery fire-fighting agents.

• FCL is rebranding its proprietary lithium-ion battery fire-extinguishing agent to FCL-X® as it prepares for initial commercial roll-out in North America.
• FCL was invited and successfully completed tests of FCL-X® for a global EV OEM at its meta plant and monitored by the local county fire departments.
• FCL also completed a successful test of FCL-X® for the Georgia Ports Authority and local first responders at a local fire department in Bryan County, Georgia.
• FCL-X® has received positive reviews from an EV OEM, Georgia Ports Authority, and fire department officials in Georgia.
• FCL-X® is uniquely targeted at the complex chemical reactions that cause lithium-ion battery fires, and successfully extinguished EV lithium-ion battery fires, limited the amount of toxic smoke.

TORONTO, May 28, 2024 /PRNewswire/ - Full Circle Lithium Corp. ("FCL" or the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium products manufacturer, reports that it has successfully tested its newly rebranded proprietary lithium-ion battery fire-extinguishing agent, FCL-X®, with a global electric vehicle manufacturer (EV OEM) at its Georgia manufacturing meta plant and local fire department for the Georgia Ports Authority (GPA). These tests were monitored by the local Bryan and Glynn County Fire Departments in Georgia.

These testing opportunities are the result of the completion of three successful independent laboratory tests specifically targeting lithium-ion batteries, including those used in household electronics, electric scooters/ebikes, and electric vehicles (EVs). The three separate tests focused on different scenarios and environments to ensure the reliability and versatility of FCL-X® and compared it to other leading battery fire-fighting agents including water (which is being used today by first responders on lithium-ion battery fires). These tests were conducted by an independent, accredited US-certified laboratory and included controlled laboratory settings and real-world simulations.

The successful outcomes of these tests validate the effectiveness of FCL-X® in quickly, safely, and effectively extinguishing lithium-ion battery fires in an environmentally safe manner. According to the independent laboratory, in comparison to other leading agents, FCL-X® was "orders of magnitude" faster extinguishing the lithium-ion battery fires, used considerably less agent, and limited the toxic smoke generated by these fires.  FCL-X® is unique as the FCL lithium engineering team developed it to specifically neutralize the complex chemical reactions that cause lithium-ion battery fires.

The EV OEM, GPA, and local fire departments have been diligently searching for an effective fire-fighting agent tailored to lithium-ion batteries. Based on their assessment, the FCL-X® extinguishment performance was outstanding, requiring minimal clean-up and instilling confidence in preventing re-ignition. As a result of the success of the recent testing, FCL believes it's well positioned to immediately begin commercializing FCL-X®.

Carlos Vicens, CEO of FCL commented: "There is a lack of lithium-ion battery specific fire-fighting agents in the market today and given the serious personal and business risks posed by lithium-ion battery fires globally, many participants in the EV battery chain, including first responders and EV OEMs, are actively searching for and testing various potential extinguishing agents. We believe that given the enormity of the risk posed by lithium-ion battery fires globally, the battery fire-fighting agent market is substantial and in its infancy. The proprietary FCL-X® agent is uniquely effective for fighting lithium-ion battery fires and so represents an exceptionally large potential opportunity for FCL."

Tom Currin, COO of Full Circle Lithium, commented: "We have seen a considerable amount of interest from several different industries who are both concerned from a safety perspective and have not been able to find a safe and effective solution.  As a part of our commercial roll-out strategy, we are rebranding our FCL lithium-ion battery extinguishing agent to FCL-X®."   

With the noted testing and validation of the FCL-X®, FCL is now poised to enter the global market with its innovative fire-extinguishing technology. The Company's focus on lithium-ion battery fire safety aligns with the increasing demand for reliable fire suppression solutions in industries such as fire fighting, automotive, residential, energy storage, and consumer electronics. The United States, being one of the largest markets for electric vehicles and related technologies, presents a significant opportunity for FCL to introduce its FCL-X® product.

Carlos Vicens, CEO of FCL commented, "We believe we are situated in an ideal geographic location as the state of Georgia is focused on the future of electrification with over US$20B in EV OEM related projects currently being built.  This is an ideal scenario for the commencement of the commercial roll-out of the FCL-X®".

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 commercialization related to the battery fire extinguishing agent which is at an early stage of testing and development, on receiving patent protection for this agent 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 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 Full Circle Lithium's new product FCL-X®?

FCL-X® is Full Circle Lithium's rebranded lithium-ion battery fire-extinguishing agent, designed to quickly and effectively put out lithium-ion battery fires while reducing toxic smoke.

When did Full Circle Lithium test FCL-X® with the EV OEM and Georgia Ports Authority?

Full Circle Lithium tested FCL-X® with the EV OEM and Georgia Ports Authority in 2024.

How did FCL-X® perform in independent laboratory tests?

In independent laboratory tests, FCL-X® outperformed other agents by quickly extinguishing lithium-ion battery fires, reducing toxic smoke, and requiring less agent.

What industries is Full Circle Lithium targeting for FCL-X®?

Full Circle Lithium targets industries such as automotive, residential, energy storage, consumer electronics, and firefighting with its FCL-X® product.

What is the stock symbol for Full Circle Lithium?

Full Circle Lithium's stock symbol is FCLIF.

What opportunities does Full Circle Lithium see in Georgia?

Full Circle Lithium sees significant opportunities in Georgia, with over US$20 billion in EV OEM-related projects currently being built.