07:24 AM EDT, 04/30/2025 (MT Newswires) -- RecycLiCo Battery Materials ( AMYZF ) , a lithium-ion battery recycling and upcycling company, overnight Tuesday said it decided with Zenith Chemical to terminate their Taiwan joint venture.

The companies abandoned the construction of a battery recycling facility in Taiwan and signed a definitive mutual release and termination agreement to unwind their previously established joint venture. RecycLiCo will sell its entire holding of 3 million common shares in the joint venture company, RecycLiCo Zenith Battery Materials Technology, to Zenith for US$581,114. Zenith will also return to RecycLiCo 4 million RecycLiCo common shares and 6 million share purchase warrants, previously issued under the agreement.

RecycLiCo has retained ownership of its technology and upon closing of the agreement Zenith will assume full ownership of the joint venture and will take steps to discontinue the use of the RecycLiCo name and dissolve the joint venture company pursuant to applicable Taiwanese regulations.

"This decision reflects a mutual recognition by both Zenith and the company of the evolving world economic and geopolitical environment," said RecycLiCo's Interim Chief Executive Officer Richard Sadowsky. "Market conditions are not what they were in 2022 when the original joint venture feasibility study was conducted. There have been changes in battery material supply streams and increased capitalization costs relative to the initial projections, which were prepared during a period of elevated lithium prices. We thank our partners at Zenith for their support and collaboration."