Rock Tech Lithium signs framework agreement with a globally operating car producer based in Germany
On July 13, 2022, Rock Tech Lithium announced a significant framework agreement with a major German car manufacturer for the supply of lithium hydroxide, crucial for EV batteries. The agreement spans five years, with options for renewal. Both parties commit to environmental sustainability, aiming for CO2-neutral lithium hydroxide production by 2030. Rock Tech plans to commence production in Guben, Germany, in 2024, leveraging its advanced refining processes. This partnership positions Rock Tech as a key player in the growing electric vehicle market.
- Framework Agreement with a major German car manufacturer for lithium hydroxide supply.
- Five-year term with options for renewal enhances long-term revenue potential.
- Commitment to CO2-neutral production by 2030 aligns with sustainability goals.
- Production set to begin in 2024 at Guben, Germany, positioning the company for growth.
- None.
VANCOUVER, BC, July 13, 2022 /PRNewswire/ - Rock Tech Lithium Inc. (the "Company" or "Rock Tech") is pleased to announce that the Company has signed a framework agreement (the "Framework Agreement") with a renowned globally operating car producer having its headquarters in Germany establishing the basis for arrangements between the parties for the supply of lithium hydroxide, a key material in the production of lithium-ion electric vehicle batteries. The agreement forms the basis between the automaker and Rock Tech Lithium for future supplies of lithium hydroxide and has a five-year term with renewal options.
Additionally, the Framework Agreement supports the parties' respective commitments to environmental responsibility and sustainability, including an agreement to create a roadmap to achieve CO2-neutral production of lithium hydroxide by the end of 2030 and requiring that any product supplied to the costumer be sourced from mining sites audited by the Initiative for Responsible Mining Assurances (IRMA).
Markus Bruegmann, CEO of Rock Tech Lithium, comments: "We are very pleased to have found a renowned partner to advance the topic of e-mobility. We expect to commence production of lithium hydroxide in Guben, Brandenburg, where we are building Europe's first lithium hydroxide converter. The start of production is planned for 2024."
On behalf of the Board of Directors,
Dirk Harbecke, Chairman
Rock Tech (TSX-V: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) is a cleantech company on a mission to produce lithium chemicals for EV batteries. The company aims to serve automotive customers with high-quality lithium hydroxide made in Germany. Rock Tech plans to build high-tech lithium converters at the door-step of its customers, to guarantee supply-chain transparency and just-in-time delivery. To close the most pressing gap in the clean mobility story, Rock Tech has gathered one of the strongest teams in the industry. It holds itself accountable to strict ESG standards and is developing a proprietary refining process to further increase efficiency and sustainability. Rock Tech plans to source raw material from its own mineral project in Canada as well as procuring it from responsibly producing mines. In the years to come, the company will extract its material from discarded batteries. Rock Tech's goal: to become the first closed-loop lithium company in the world.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The following cautionary statements are in addition to all other cautionary statements and disclaimers contained elsewhere in, or referenced by, this press release.
Certain information set forth in this press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws, which are based on Rock Tech's current expectations, estimates, and assumptions in light of its experience and is perception of historical trends. All statements other than statements of historical facts may constitute forward-looking information. Often, forward-looking information can be identified by the use of words or phrases such as "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and all other indications of future tense. All forward-looking information set forth in this press release is expressly qualified in its entirety by the cautionary statements referred to in this section.
In particular, this new release contains forward-looking information pertaining to: future activities undertaken in connection with the Framework Agreement, including statements regarding plans, future arrangements between the parties and activities taken in support of their respective commitments to environmental responsibilities and sustainability; statements regarding the Company's proposed lithium hydroxide converter, including the location, features and timing thereof; statements regarding future plans, estimates, and schedules relating to the Company's strategy; anticipated production of lithium hydroxide and the expected timing thereof; statements and expectations regarding the electric vehicle industry; Rock Tech's planning, approval and decision-making process, including relevant factors taken into consideration by the Company; Rock Tech's opinions, beliefs and expectations regarding the Company's business strategy, development and exploration opportunities and projects, and plans and objectives of management for the Company's operations and properties.
Forward-looking information contained in this press release is based on certain assumptions, estimates, expectations, analysis and opinions of the Company and in certain cases, third party experts, that are believed by management of Rock Tech to be reasonable at the time they were made. Such assumptions, estimates and other factors include, among other things: the ability of Rock Tech and the customer to agree on additional terms and conditions in order to give effect to the Framework Agreement and future projects governed thereby; the supply and demand for, deliveries of, and the level and volatility of prices of, feedstock and intermediate and final lithium products; expected growth, performance and business operations; future commodity prices and exchange rates; prospects, growth opportunities and financing available to the Company; general business and economic conditions; results of development and exploration; and Rock Tech's ability to procure supplies and other equipment necessary for its business. The foregoing list is not exhaustive of all assumptions which may have been used in developing the forward-looking information. While Rock Tech considers these assumptions, estimates and factors to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking information should not be read as a guarantee of future performance or results.
In addition, forward-looking information involves known and unknown risks and uncertainties and other factors, many of which are beyond Rock Tech's control, that may cause Rock Tech's actual events, results, performance and/or achievements to be materially different from that which is expressed or implied by such forward-looking information. Risks and uncertainties that may cause actual events, results, performance and/or achievements to vary materially include the Company's ability to access funding required to invest in available opportunities and projects (the Company's proposed lithium hydroxide converter) and on satisfactory terms, the current and potential adverse impacts of the COVID-19 pandemic and recent geopolitical hostilities, the anticipated benefits of Framework Agreement may not be realized; the risk that Rock Tech will not be able to meet its financial obligations as they fall due, changes in commodity and other prices, Rock Tech's ability to attract and retain skilled staff and to secure feedstock from third party suppliers, unanticipated events and other difficulties related to construction, development and operation of the Company's proposed lithium hydroxide converter, the cost of compliance with current and future environmental and other laws and regulations, title defects, competition from existing and new competitors, changes in currency, exchange rates and market prices of Rock Tech's securities, Rock Tech's history of losses, impacts of climate change and other risks and uncertainties described from time to time in Rock Tech's public disclosure documents available on the Company's SEDAR profile at www.sedar.com, including those discussed under the heading "Risk Factors" in Rock Tech's most recently filed Management Discussion and Analysis. Such risks and uncertainties do not represent an exhaustive list of all risk factors that could cause actual events, results, performance and/or achievements to vary materially from the forward-looking information.
We cannot assure you that actual events, results, performance and/or achievements will be consistent with the forward-looking information and management's assumptions may prove to be incorrect. Forward-looking information reflects Rock Tech management's views as at the date the information is created. Except as may be required by law, Rock Tech undertakes no obligation and expressly disclaims any responsibility, obligation or undertaking to update or to revise any forward-looking information, whether as a result of new information, future events or otherwise, to reflect any change in Rock Tech's expectations or any change in events, conditions or circumstances on which any such information is based.
Given these uncertainties, readers are cautioned not to rely on the forward-looking information set forth in this press release.
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SOURCE Rock Tech Lithium Inc.
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