St-Georges Eco-Mining Corp.

Corporate Update Redox

 

MONTRÉAL, QC / ACCESSWIRE / September 13, 2022 / St-Georges Eco-Mining Corp. (CSE:SX) (OTCQB:SXOOF) (FSE:85G1) would like to provide an update on the different initiatives undertaken by the Company as well as its financing efforts.

 

EVSX - Proposed Partnership & Investment in Italian Battery Company

Late last week, EVSX signed a binding Memorandum of Understanding with AraBat S.R.L., a battery recycling technology company headquartered in Foggia, Italy. This agreement should be the first step toward a formal partnership with AraBat.

 

The executed document gives the partners four months to complete a detailed partnership agreement, wherein EVSX will initiate the planification to deploy its front-end solution to manufacture critical metals black mass from the used batteries sourced by Arabat in Italy and adjacent European countries. The initial industrial plant should be located in the Puglia region. Black mass chemistry that is more favorable to the exclusive citric acid leaching process developed by Arabat and reviewed over the last year by EVSX will be processed locally with profit sharing and/or a royalty to be paid to the Italian partner. All other black mass chemistries produced will be transported to one of EVSX's specialized tech plants, and battery sourcing compensation payments will be negotiated with Arabat.

 

"(…) AraBat's management initially approached us to present their technology to process black mass and investigate a potential R&D and industrial collaboration […] what we saw was a solid group of scientists with an extensive network based in Italy and the industrial centers of western Europe that needed to be leveraged (…) after reviewing dozens of technologies, often perceived as competing with EVSX's solution, we came to the conclusion that AraBat, besides being innovative, could complement EVSX in specific parts of the world and followed similar philosophies for the recovery of critical elements. (…) this agreement strongly solidifies each group in their respective niches. We look forward to concluding a mutually beneficial partnership and quickly building and deploying the initial Italian industrial plant with them (…) this follows the fundamentals of SX with green, and sustainable technologies and we are excited to move forward in North America and Europe (…)". commented Enrico Di Cesare, CEO of EVSX.