At the previous close, Rock Tech Linthium Inc [OTCQX:RCKTF] stock soared 28.30% to $6.9600. Volume for RCKTF stock was 105.99K as compared to an average of 13.46K over the past 30 days. The value of RCKTF’s stock ranged from $0.6573 to $7.0700 over the last 52 weeks. European battery initiatives have given RCKTF stock traction.
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What does RCKTF plan to do in Europe?
A Canadian and German company, Rock Tech operates in the cleantech industry. The RCKTF will provide high-grade lithium hydroxide to the automotive industry. With a production capacity of 24,000 tonnes per year, RCKTF will commission Europe’s first lithium converter as early as 2024. The amount would be enough to provide lithium-ion batteries for around 500,000 electric cars.
By creating the world’s first closed loop for lithium, the cleantech RCKTF has closed the gap between raw materials and clean mobility. As soon as 2030, RCKTF plans to source around half of its raw materials from the recycling of batteries at its Georgia Lake lithium project in Ontario, Canada.
A production plant for battery-grade lithium hydroxide is being built by Rock Tech, the first lithium converter in Europe. Plant construction will take place in Guben, Brandenburg, according to plans by RCKTF.
- On the Guben site, RCKTF plans to combine all refinement steps of lithium.
- In addition to ongoing discussions regarding subsidization already applied for or yet to be applied for, the investment decision for all production steps still depends on the outcome of these ongoing discussions.
- A long industrial tradition and existing infrastructure in the region offer the region the best opportunity to become one of the major parts of Brandenburg’s e-mobility cluster in the future.
- At Guben, all factory units are expected to receive investments amounting to 470 million euros.
- On the site, 160 technicians, engineers, and production workers would be employed once the plant is fully operational.
- It would result in around 24,000 metric tons of lithium hydroxide per year.
- Approximately 500,000 electric cars could be equipped with lithium-ion batteries with this amount.
- RCKTF has acquired land in the Guben South industrial park in preparation for the construction of the converter.
- There is ample room at the site, which covers approximately twelve hectares, for the construction of all necessary facilities for the lithium refining process.
- Train connections would enhance the already excellent traffic connections.
- As part of the planning and approval process, the RCKTF will seek to exchange ideas and information with local authorities, experts, and stakeholders.
- Operation of the converter is scheduled to begin in 2024. Renewable energy from the local area will be used in production.
- By the end of six (6) months from the date of the agreement, RCKTF will make a cash payment of 1,130,877€ to the property owners.
- RCKTF has no relationship with the property owners.
RCKTF’s environmental initiatives include:
With its own, previously non-existent European infrastructure for battery-grade lithium hydroxide, Rock Tech Lithium (RCKTF) is becoming the lithium partner of the automotive industry. RCKTF wants to be the first company to close the lithium loop around the world. In addition to subsidies, the RCKTF sees Guben as the ideal location for this. It is expected that the RCKTF will be able to obtain 50 percent of its raw materials by 2030 from the recycling of spent batteries.
