GM Ventures joins Series A financing backing Lithion Recycling

• The financing will back a new GM-Lithion strategic partnership agreement to pursue a circular battery ecosystem using Lithion’s advanced battery recycling technology
• In August, Ultium Cells, GM’s joint venture with LG Energy Solution, opened its first US battery cell plant, with two additional plants under construction
• In 2023, Lithion will launch its first commercial recycling operations

GM Ventures, the venture capital arm of automaker General Motors, has invested in the Series A financing of Lithion Recycling, a Montreal-based recycler of lithium-ion batteries.

Earlier this year, Lithion initially closed the Series A round, led by IMM Investment Global, raising up to C$125 million.

The financing’s proceeds will back a new GM-Lithion strategic partnership agreement to pursue a circular battery ecosystem using Lithion’s advanced battery recycling technology.

“Working with GM marks a key step in Lithion’s commercial development and pioneers a needed breakthrough in the electrification of transportation by enabling a cost-effective and sustainable circularity in the EV battery industry,” said Benoit Couture, president and CEO of Lithion, in a statement. “This partnership underscores our commitment to enable the transition to a low-carbon economy amidst the fight against climate change.”

In August, Ultium Cells, GM’s joint venture with LG Energy Solution, opened its first US battery cell plant, with two additional plants under construction. A fourth planned battery cell plant will bring GM’s projected total US battery capacity to 160 GWh.

In 2023, Lithion will launch its first commercial recycling operations, drawing on data from its highly successful industrial-scale demonstration plant commissioned in January 2020.