Charged EVs | Canadian industrial infrastructure developer BMI invests in Rock Tech Lithium
Canada-based industrial infrastructure platform company BMI is investing C$200 million ($146.2 million) to help develop Rock Tech‘s lithium converter facility in Red Rock, Ontario.
Under the proposed investment partnership structure, Rock Tech will retain full control and responsibility for project development, engineering and operations, as well as all key technical, commercial and strategic decision-making.
The initial investment will form part of a broader equity structure to be finalized as the project advances. Rock Tech, together with additional partners, is expected to contribute additional equity capital over time.
To support near-term development activities, including a feasibility study, the parties intend to initiate a funding program of up to C$30 million, which is expected to include contributions of both partners and government funding programs. Each dollar contributed by Rock Tech will be matched by the BMI Group and government funding.
The funding is aimed at advancing engineering, environmental, permitting and early site development activities in preparation for a final investment decision by the end of 2026.
The Red Rock Converter in Canada is based on Rock Tech’s project in Guben, Germany, which is fully engineered, fully permitted and designated as a strategic project under the EU Critical Raw Materials Act. Rock Tech has invested over C$65 million in that project to date. The company plans to use the same design to reduce development timelines and execution risk and transfer proven technical know-how to Canada.
Rock Tech recently signed a partnership agreement with Siemens to provide industrial automation technology and a full digital twin for the Red Rock Converter. The real-time virtual replica of the plant will enable continuous performance optimization and predictive maintenance and reduce commissioning risk, Rock Tech said.
“As long-horizon developers, BMI Group sees its partnership with Rock Tech as one that will position Northwestern Ontario as a key hub in sovereign defense and battery materials supply chains. Our Red Rock platform provides industrial-ready infrastructure that compresses timelines from site selection to production,” said Paul Veldman, CEO BMI Group.
Source: Rock Tech Lithium
