Li-Metal rises CAD$19 million for its lithium metal production
Canada’s Li-Metal company, developing lithium metal anodes and lithium metal production technologies, has announced that it has raised CAD$19 million from the exercise of share warrants.
The company said that the exercising of these warrants provides capital that the company will use to continue development of its lithium technologies as the company works towards full commercial-scale production.
CEO Maciej Jastrzebski added, “The proceeds further strengthen our balance sheet as we advance our growth strategy focused on expanding lithium anode production capacity and lithium metal output. We are pleased that our shareholders continue to demonstrate their confidence and support in our business by fully funding our growth plans for next year and beyond.”
Li-Metal noted it intends to use the proceeds to expand engineering and operational teams at Rochester, NY and Markham, ON sites to accelerate development and scale-up work; add analytical tools and facilities at the Markham, ON site to improve accuracy and turn-around time for piloting and development samples; and complete engineering, purchase major equipment and complete build-out of commercial-scale anode production demonstration plant to be built in 2023.
Li-Metal is a Canadian-based company developing lithium metal anodes and lithium metal production technologies for use in next generation batteries. The company indicated that its production methods are significantly more sustainable than existing products and offer lighter, more energy dense and safer batteries that are critical to tomorrow’s electric vehicles.
