Australian lithium specialist Green Technology Metals (GT1) has signed an $8 million investment and framework agreement with South Korean EV battery metals leader EcoPro Innovation. The partnership includes plans for mining, raw material extraction, processing, and conversion activities, with a focus on developing potential mines and a proposed lithium conversion facility in Canada.
In collaboration, Green Technology and EcoPro have also submitted a joint funding application to Invest Ontario for the Canadian lithium conversion facility, following a government request earlier this year. This move aims to secure approval and financial support to advance the project.
“Our journey with EcoPro Innovation has been over 12 months in the making, during which time our teams have dedicated countless hours working jointly on understanding and expanding GT1’s strategy to be the first integrated lithium chemical supplier in Ontario,” GT1 managing director Cameron Henry said.
He added, “EcoPro’s global scale and expertise in manufacturing and supplying battery-grade lithium chemicals will greatly benefit GT1 as we advance our integrated strategy in North America. This investment and partnering strategy now paves the way, both financially and technically, to continue with our development strategy.”
EcoPro is backing GT1 through an $8 million subscription agreement for Green Technology shares, with funds allocated to a definitive feasibility study for the Seymour lithium project, a pre-feasibility study for the lithium conversion facility, and general working capital.
EcoPro will also have exclusive rights to negotiate ownership stakes in Green Technology’s Root and Seymour projects. EcoPro Innovation CEO Yoon Tae Kim emphasised the strategic value of GT1’s assets in a prime location with robust supply chains and government support.
“We are looking forward to strengthening a long-term relationship with GT1 and being a part of the strategy to become a major North American lithium chemical supplier in Canada,” he said.
EcoPro Innovation, known for its comprehensive lithium cell value chain, is expanding its operations, with plans to increase production from 180,000 to 710,000 tons of battery materials by 2028. The company is constructing plants in Hungary and Canada, with both expected to be operational before construction of the proposed lithium conversion facility in Canada begins.
