Startup R3 Lithium has exited stealth mode and acquired a battery recycling facility in Covington, Georgia, on July 26. The site was previously operated by Ascend Elements, which filed for Chapter 11 bankruptcy earlier this year. R3 Lithium retained the existing leadership team, including CEO Linh Austin and CTO Eric Gratz.
The company secured $15 million in Series A funding from investors including Integral GlobalTech Partners, TDK Ventures, and Axial Partners. These funds are designated for upgrading the production line. R3 Lithium also holds over $1 billion in offtake contracts, including an agreement with the commodity supplier Trafigura.
The Covington facility features a 2,500-metric-ton lithium carbonate production line, with space for an additional line of the same capacity, and 30,000 metric tons of shredding capacity. The company utilizes a calciner-based crystallization and water-based precipitation process to refine lithium directly from recycled black mass.
R3 Lithium aims to reach full operational volume by next year. The company projects that the facility will account for more than half of the total U.S.-produced supply of lithium carbonate. Future growth plans include a network of modular facilities across North America and Europe, each with a capacity of 5,000 metric tons per annum.
