PERTH (miningweekly.com) – ASX-listed Hannans has inked a memorandum of understanding (MoU) to commercialise lithium-ion battery (LiB) recycling technology in Norway, Sweden, Denmark and Finland.
The MoU with unlisted Australian company Critical Metals provides Hannans with rights to recover high purity metals from scrap and spent LiB.
Subject to satisfaction of the conditions precedent, the MoU with Critical Metals will take the form of a definitive joint venture enabling Hannans to earn its interest by funding and managing certain tasks and activities.
The first of three conditions precedent to the execution of a definitive agreement has been satisfied - approval by shareholders of Critical Metals. The other two conditions precedent will be satisifed by the end of November.
The MoU with Critical Minerals followed a memorandum of agreement with unrelated private Irish company Greenhouse Investment Group earlier this week, to complete exclusive due diligence on Greenhouse, the LiB recycling technology and business development opportunities generated by Greenhouse in the UK and Ireland.
Hannans planned to focus its due diligence on Greenhouse and potential business development opportunities generated by Greenhouse in the Territories. Greenhouse signed its non-exclusive technology licence with respect to the Territories in April 2019. The technology enables the recovery of high purity metals from scrap and spent LiB using a process that is safe, sustainable, low energy and low carbon dioxide when compared to incumbent technologies.