Greenhouse Investment Group Limited LinkedIn post today:
https://www.linkedin.com/posts/greenhouse-investment-group-limited_hannans-improved-acquisition-agreement-activity-6960667560446967809-Vgig?utm_source=linkedin_share&utm_medium=member_desktop_web
Greenhouse Investment Group Limited LinkedIn post...
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has agreed to acquire Greenhouse commercialisation rights and market intelligence to access the relationships and feedstock sources necessary to underpin an economic lithium battery recycling business with technology developed by ASX-listedin the UK, Ireland, Italy and South East Europe. Hannans is to raise up to AUS $2M at 2.0 cents per share to fund activities in the new territories. The Greenhouse agreement more than doubles Hannans market for scrap and end-of-life batteries.
Damian Hicks, Executive Director of Hannans said: “We have been working collaboratively with Greenhouse and the technology owner to reach an improved agreement for Hannans shareholders. This agreement will result in Greenhouse transferring 100% of their rights, title, and interest in commercialisation rights to Hannans, in consideration for being issued with 19.9% of Hannans. The technology being licensed is rapidly becoming recognised by major companies as a sustainable lithium battery recycling solution. If the transaction is approved and the capital raising completed, there will only be two companies with the rights to commercialise the technology globally – Primobius GmbH and Hannans Ltd.
“There is a big push by several globally significant motor vehicle companies and proposed lithium battery gigafactories to establish facilities in SE Europe. Hannans can now offer these companies sustainable lithium battery recycling by aggregating scrap and in the future end-of-life batteries generated in the region and processing them safely in a central facility. We’re particularly excited about the possibility to work in territories where the proposed manufacture of lithium batteries for EVs is gaining momentum. Furthermore, the UK’s exit from the European Union has created opportunities for recycling companies with validated technologies and flexible business models to offer credible, but integrated lithium battery recycling solutions that underpin the UK’s focus on sustainable energy security.
“Subject to approval, Hannans commercialisation rights will now cover territories incorporating 49% of the population of the EU27 and 38% of all motor vehicles registered in the EU giving our shareholders tremendous leverage in the rapidly growing European LiB recycling sector, and specifically countries with the highest penetration rate of electric vehicles,” Hicks concluded.
The ASX stock exchange announcement may be found here: