Li-Metal Corp. (CSE:LIM) (OTCQB:LIMFF) (FSE:5ZO) a developer of lithium metal and lithium metal anode technologies for next-generation batteries, announced Tuesday that it has been awarded over C$1.4 million ($1m) in grant funding from programs sponsored by the Government of Ontario to develop and commercialize its lithium metal production technology.
In May, Li-Metal said it believes it is the first company in the world to produce refined lithium metal directly from lithium carbonate. The company is piloting its patented process at its Markham, Ontario, facility.
The funding consists of a C$930,826 grant from the R&D Partnership Fund – Electric Vehicle, administered by the Ontario Vehicle Innovation Network (OVIN) and a C$500,000 grant from the Critical Minerals Innovation Fund (CMIF), funded by the Ontario Ministry of Mines.
Li-Metal recently announced first lithium metal production at its Markham, Ontario pilot facility and is progressing towards its goal of demonstrating continuous lithium metal production.
Li-Metal will use the funds from OVIN to support scale-up of its production and refining capabilities for battery-grade lithium metal and to advance the piloting of new lithium metal products, such as specialty lithium alloy ingots for next-generation batteries.
“We are pleased to have been awarded this non-dilutive funding from the Government of Ontario,” Li-Metal CEO Srini Godavarthy said in a statement.
“Li-Metal continues to advance the commercialization of a patented, cleaner and improved lithium metal production technology to establish ourselves as a domestic supplier of lithium metal for the broader North American market,” Godavarthy said. “We believe these grants further validate the technology we are commercializing and endorse the role that Li-Metal is poised to play in building a next-generation battery supply chain.”
Currently, only 3,000 tonnes of battery-grade lithium metal — or solid lithium — is produced globally, with 90% of total lithium metal production concentrated in China, according to Benchmark Mineral Intelligence.
By 2030, the reporting agency expects the demand to increase to more than 21,000 tonnes per year to support the production of next-generation batteries.