EVSX Deploys Battery Recycling Capacity Through European Joint Venture to Accelerate Revenue Generation

MONTRÉAL, QC / ACCESSWIRE / October 18, 2023 / St-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF)(FSE:85G1) is pleased to announce that its wholly owned battery recycling subsidiary, EVSX Corp., has entered into a binding agreement with the Italian company AraBat SRL, to establish a joint venture to build an industrial battery processing plant in the Italian region of Puglia, where AraBat's operations are located.

Agreement for Joint Venture

The future partners agreed to work on a final agreement to be executed in the first quarter of 2024 that calls for establishing an Italian jointly-owned corporation. That entity would qualify for Italian permitting and be eligible for Italian and European governmental subsidies and financial support for recycling operations.

The partners expect the joint venture to be majority Italian-owned (51%), with EVSX owning the balance (49%) and retaining ownership of its processing circuit. Both partners will be able to extend the agreement to then contribute their respective eco-technologies for processing critical minerals concentrate, also known as blackmass, resulting from the batteries processing operations depending on the particular critical minerals concentrate chemistry available at the time.

"We are excited about this path we are charting with St-Georges Eco-Mining and EVSX. Moving towards the pre-treatment of batteries in Puglia (Italy) will allow us to cover a significant market gap and build a circular supply chain that will allow us to surpass our current competitors in speed and strategy. This agreement is just the beginning of a great future in the name of sustainability: we at AraBat have set ourselves very ambitious objectives, and with our Canadian partners, we are sure that we can have our say in the current global panorama." commented Raffaele Nacchiero, CEO of AraBat SRL.

AraBat would be responsible for securing the plant's location, obtaining the permitting and the regional governments financial support, and solidifying battery allocation contracts.

EVSX would assign one of the processing units it had already manufactured and will upgrade it to Italian certification requirements. (See news release dated August 29, 2023, St-Georges Provides an Update on its Battery Recycling Operations & Arranges a Private Placement Offering)