- $1.3 Million definitive
funding award provides significant cash resources to Denver Lab to preform bench scale tests with
brines sourced from Chile,
Argentina, and the
US.
- Aqueous has pre-qualified and commenced application for
up to US$30 Million follow-on award
under area of interest 1B Phase II
from the DOE funding opportunity announced on September 6, 2023.
- Up to $150 million of grant
funding was announced to support pilot scale facility development
and construction of processing plants to produce and refine
critical minerals and materials in the
United States. This directly aligns with vision and goals of
the previously announced Crimson Tide Facility.
- The 'Crimson Tide' Hydroxide facility will selectively
pre-treat raw continental brines, concentrate lithium chloride with
DLE, and upgrade the concentrate into a final battery grade product
of lithium hydroxide monohydrate.
- Facility is strategically located next to Mercedes-Benz
US International, Inc., Honda Manufacturing of Alabama, LLC, Hyundai Motor Manufacturing
Alabama, LLC. The Alabama site is
Hyundai's first U.S. manufacturing plant and ranks as the state's
third-largest industrial employer tied with
Mercedes-Benz.
- In regional proximity to the Smackover brine reservoir
and all major U.S automobile Manufacturers including Tesla, G.M,
and Ford.
VANCOUVER, BC, Sept. 13,
2023 /PRNewswire/ - LiTHOS Energy Ltd. (the
"Company") (CSE: LITS) is pleased to announce
that Aqueous Resources LLC ("Aqueous"), a wholly-owned
subsidiary of the Company, has received a US$1.3-million-dollar award to support its fully
commissioned Denver Colorado
pre-treatment and DLE processing facility over the next 18 months.
The effective funding date commenced on July
10, 2023.
Aqueous' award follows the U.S. Department of Energy's
("DOE") announcement on September 6,
2023, that it will provide US$150
million of additional grant funding opportunities to support
U.S. critical metals projects with bench- and pilot-scale research,
development, and demonstration processing plants to produce and
refine critical minerals and materials in the United States. According to the DOE,
the funds, provided by the Bipartisan Infrastructure Law, will help
to strengthen domestic critical material supply chains, and meet
the growing demand for critical minerals and materials while
reducing reliance on foreign sources.
The Company is also pleased to announce that Aqueous has
pre-qualified and commenced its application for up to US$30 Million in awards under area of interest
1B Phase II from the DOE funding
opportunity announced on September 6,
2023. The application hopes to secure up to US$30 million of total grant funding
per awardee to support pilot scale facility development and
construction of lithium hydroxide processing plants to produce and
refine critical minerals and materials in the United States. This directly aligns with
vision and goals of the previously announced with the Company's
September 6th announcement
to scope and construct 'Crimson Tide' lithium hydroxide pilot
production facility in Alabama.
Aqueous has pre-qualified and registered with the DOE for this
funding opportunity well before the deadline of November 10, 2023.
The Company will be disclosing cost and execution timeline to
complete a Level 1 Front End Loading engineering report shortly on
the 'Crimson Tide' lithium hydroxide pilot production facility.
Further, on August 31, 2023, the
DOE announced a Notice of Intent to make available $3.5 billion in funding to bolster American
battery manufacturing and strengthen domestic supply chains.
This notice of intent-made possible by the President's Bipartisan
Infrastructure Law-represents the second round of funding for
battery materials processing and battery manufacturing grants which
hopes to support the creation of new, retrofitted, and expanded
domestic commercial facilities for battery materials, battery
components, and cell manufacturing. The intent of the funding is to
expand domestic manufacturing of batteries for electric vehicles
and the nation's grid, as well for battery materials and components
currently imported from other countries. The DOE hopes the funds
enhance national security by building up the domestic supply
chains. As stated by the DOE, this funding opportunity announcement
("FOA") through the Office of Manufacturing and Energy
Supply Chains ("MESC") anticipates making approximately
19-41 awards in the form of grants. The MESC plans to set the FOA
timelines in October 2023, at which
time the Company shall seek to respond promptly by preparing and
submitting its Crimson Tide lithium Hydroxide pilot production
facility for this funding opportunity.
About LiTHOS Energy Ltd.
The Company's mission is to deliver sustainable lithium
production without the use of evaporation ponds. Our wholly owned
subsidiary Aqueous is a US Department of Energy FAST TRACK grant
Winner and a Colorado Advanced Industries grant winner. AcQUAâ„¢ is
our patent-pending electro-pressure membrane process and method for
recovery and concentration of lithium chloride from aqueous
sources. This process spans the pre-treatment of raw brines through
the DLE concentration of lithium chloride. We have a fully
commissioned brine processing facility in Denver, Colorado. The Company is currently
focused on processing continental brines from several strategic
resource owners located in the United
States, Argentina, and
Chile.
ON BEHALF OF THE BOARD
Scott Taylor - CEO
Forward-Looking Statements:
This news release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian legislation.
All statements in this news release that are not purely historical
are forward-looking statements and include statements regarding
beliefs, plans, expectations and orientations regarding the future
including, without limitation, Aqueous' ability to secure the
additional award funding from the DOE, the disclosure of the costs
and execution timeline of the Level 1 Front End Loading engineering
on the 'Crimson Tide' lithium hydroxide pilot production facility,
and the Company's or Aqueous' submission for MESC award
application. Although the Company believes that such statements are
reasonable and reflect expectations of future developments and
other factors which management believes to be reasonable and
relevant, the Company can give no assurance that such expectations
will prove to be correct. Forward-looking statements are typically
identified by words such as: "believes", "expects", "anticipates",
"intends", "estimates", "plans", "may", "should", "would", "will",
"potential", "scheduled" or variations of such words and phrases
and similar expressions, which, by their nature, refer to future
events or results that may, could, would, might or will occur or be
taken or achieved. In making the forward-looking statements in this
news release, the Company has applied several material assumptions,
including without limitation, that Aqueous has filed the necessary
application materials and met the application criteria for the
receipt of the additional DOE funding, that the Company or Aqueous
will finalize and disclose the costs and execution timeline of the
Level 1 Front End Loading engineering on the 'Crimson Tide' lithium
hydroxide pilot production facility and that the Company or Aqueous
will submit an award application under the MESC award program.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to differ materially
from any future results, performance or achievements expressed or
implied by the forward-looking information. Such risks and other
factors include, but are not limited to, the inability of the
Company to change its name. Further, the ongoing labour shortages,
inflationary pressures, rising interest rates, the global financial
climate and the conflict in Ukraine and surrounding regions are some
additional factors that are affecting current economic conditions
and increasing economic uncertainty, which may impact the Company's
operating performance, financial position, and future prospects.
Collectively, the potential impacts of this economic environment
pose risks that are currently indescribable and immeasurable. Other
factors may also adversely affect the future results or performance
of the Company, including those risk and concerns more fully
described in the Company's annual and quarterly management's
discussion and analysis and in other filings made by the Company
with Canadian securities regulatory authorities under the Company's
profile at www.sedar.com. Readers are cautioned that
forward-looking statements are not guarantees of future performance
or events and, accordingly, are cautioned not to put undue reliance
on forward-looking statements due to the inherent uncertainty of
such statements.
These forward-looking statements are made as of the date of
this news release and, unless required by applicable law, the
Company assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in these forward-looking statements.
The Canadian Securities Exchange (operated by
CNSX Markets Inc.) has neither approved nor disapproved of the
contents of this press release.
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SOURCE Lithos Energy Ltd.