- With the increasing awareness of the dangers of lithium-ion
battery fires globally, FCL has filed patent applications for
its FCL-X™ lithium-ion battery fire-extinguishing
agent.
- These patent applications seek to protect FCL for the
commercialization of FCL-X™ in the USA, with the additional flexibility for FCL
to also seek protection in most major markets globally.
TORONTO, June 26,
2024 /CNW/ - Full Circle Lithium Corp. ("FCL" or
the "Company") (TSXV: FCLI) (OTCQB: FCLIF), a USA-based lithium products manufacturer,
reports that it has achieved a significant milestone by filing a
Patent Cooperation Treaty ("PCT") and US Patent Application for its
proprietary FCL-X™ lithium-ion battery
fire-extinguishing agent. The PTC application allows FCL to seek
protection for FCL-X™ in most major markets
throughout the world. The U.S. non-provisional patent application
and any national-stage patent applications based on the PCT
application, if granted, have the potential to obtain 20 years of
patent protection.
Carlos Vicens, CEO, Director
& Co-founder, commented, "We believe the patent application
process we have initiated is an important step in protecting
FCL-X™ as we advance the commercialization efforts in
the USA and, thereafter,
internationally. We announced our first sales to a major EV
manufacturer two weeks ago and the interest level has been
significant. The addressable market is large, and our sales
and operating staff will be extremely busy this summer with
FCL-X™ demonstrations and ramping up
production."
It is becoming more evident to the world that lithium-ion
battery fires present significant health, safety, environmental,
and business continuity risks for the entire lithium supply chain,
and that fire-fighting agents like FCL-X™
represent an important and required addition to the safe growth of
the entire battery driven economy.
One of the developers of FCL-X™ is
Thomas Currin, COO and co-founder of
FCL, whose prior experience includes co-inventor of the Class D
copper powder fire extinguisher and co-author of the US National
Fire Protection Association's 485 Standard for the Storage,
Handling, Processing and Use of Lithium Metal.
FCL-X™ is FCL's proprietary fire-extinguishing
agent specifically designed for fighting lithium-ion battery fires
in various applications including commercial, industrial,
transportation residential settings, and for use by first
responders.
"Industry participants who have tested FCL-X™ have
been impressed by the speed and efficiency by which
FCL-X™ fully extinguished the battery fire, thus
reducing hazardous smoke" commented Thomas
Currin, COO & Co-Founder, who further remarked "The
technology of FCL-X™ embodied in this patent
application will allow us to proceed with our planned commercial
efforts. We believe that the FCL-X™ if commercialized
at scale, will provide a best-in-class, breakthrough product for
lithium-ion battery fires that could save human lives as well as
reduce property damage."
In conjunction with the FCL-X™ commercialization
efforts, advancing midstream recycling, and for general,
administrative and corporate purposes, the Company is undertaking a
best-efforts private placement (the "Offering") of Units (each a
"Unit") at C$0.25 per Unit, for gross
proceeds of up to C$1,000,000,
subject to increase based upon demand. Each Unit is comprised of
one common share in the capital of the Corporation (a "Share") and
one-half of one common share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant is exercisable into one Share at
$0.35 per Share for a period of 2
years from the completion of the Offering, expected to close on
July 9, 2024, or earlier given strong
insider lead orders and expressions of interest in the Offering.
PowerOne Capital Markets is acting as the finder on the
Offering.
About Full Circle Lithium Corp.
Situated in the epicenter of the largest EV buildout in
North America, FCL's fully
permitted lithium products manufacturing plant in the state of
Georgia, USA combined with a
complement of seasoned lithium experts, makes FCL a unique
processor and manufacturer of lithium products. FCL is focused on
lithium and battery materials reintegration to meet the demand for
crucial battery-grade raw materials, utilizing proprietary
technology and know-how. Following on the Company's mantra of the
"home of lithium science", FCL has also developed an innovative
battery fire-extinguishing agent (FCL-X™) to address
the increasing number of difficult to extinguish and hazardous
lithium battery-based fires. Additional information regarding FCL
is available on SEDAR at www.sedar.com under the Company's profile
and its website www.fullcirclelithium.com
Cautionary Statement
Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking statements within
the meaning of securities legislation in the Canada and which are based on the
expectations, estimates and projections of management of the
parties as of the date of this news release unless otherwise
stated. Forward-looking statements are generally identifiable by
use of the words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should",
"could", "believe", "plans", "intends" or the negative of these
words or other variations on these words or comparable terminology.
More particularly, and without limitation, this news release
contains forward-looking statements and information concerning
expectations on the viability, effectiveness, safety and any
potential production and additional commercialization related to
the battery fire extinguishing agent which is at an early stage of
development and commercialization (which is very difficult for a
start-up venture like FCL as there are much larger and better
capitalized established companies that can potentially quickly
enter the lithium-ion battery fire-fighting market and create
strong competition against FCL), on receiving patent protection for
this fire-extinguishing agent and related inventions and processes,
the ability of FCL, a start-up venture, to successfully
commercialize its fire-extinguishing agent including ramping-up
production of the agent to meet potential demand, continue raising
capital, upgrading and refurbishing its plant, and sourcing
feedstock for its lines of business. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, the uncertainties
and risk factors related to the technical elements in a processing
and refining business, loss of key technical and other staff,
lithium price fluctuations, the battery fire-extinguishing agent
functioning as expected to meet safety requirements and
fire-fighting related government regulations and potential client
product specifications, and applicable environmental requirements
and issues – see additional risks described in FCL's public
filings. Actual results, developments and timetables could vary
significantly from the estimates presented. Readers are cautioned
not to put undue reliance on forward-looking statements. FCL
disclaims any intent or obligation to update publicly such
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by law. Additionally,
FCL undertakes no obligation to comment on analyses, expectations
or statements made by third parties in respect of FCL, its
financial or operating results or its securities.
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SOURCE Full Circle Lithium Corp.