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Norge Mining Signs Agreement with IBU-tec to Provide Access to the Largest Phosphate Reserves

IBU-tec advanced materials AG and the Anglo-Norwegian mining company Norge Mining Ltd. have signed a strategic cooperation letter of intent. With this agreement, IBU-tec will have access to the largest phosphate reserves in the world. IBU-tec sustainably secures raw materials for the production of battery materials as part of its long-term growth strategy.

These raw materials can be used in batteries for e-mobility, among other things. Several international vehicle manufacturers use such raw materials in their lithium iron phosphate (LFP) batteries. The agreement reached with Norge Mining means that IBU-tec's needs can now be met in large quantities with the corresponding precursor products from a Norwegian source.

At approximately 70 billion tons, Norge Mining controls the worlds' largest phosphate rock deposits. In addition to the phosphate reserves, both titanium and vanadium can be made market available in the near future, sourced both in and for the benefit of Western European economies. IBU-tec and Norge Mining will work together with phosphate-containing materials in the manufacture of precursor products.

The first phase will consist of exchanging information regarding industrial production planning for the various precursor products obtained from southern Norway's raw materials mines. IBU-tec's production expertise, specifically regarding product customization ability with LFP accumulators is of great production importance in addition to the ability to supply IBU-tec with Norwegian precursor products.

Given the volatile current supply situation, as the only European manufacturer of LFP battery materials to date, IBU-tec is taking seriously the responsibility of regionally securing the supply vital raw materials. LFP batteries are increasingly being used in electromobility and stationary energy storage, among other things. Thus forming an important part of the implementation of the global energy transition.

Ulrich Weitz, CEO of IBU-tec: "Safe, reliable and, last but not least, sustainable sources of raw materials are a key requirement for large-volume LFP battery materials production, especially in the current economic environment. The cooperation with Norge Mining ensures that we can obtain iron phosphate from European sources for years to come. The agreement also enables us to customize precursor products for battery production according to our requirements. This allows us to comprehensively control material composition, thus ensuring that our customers receive high-quality IBUvolt® for the production of high-performance battery cells."

Michael Wurmser, founder of Norge Mining, explains the future of cooperation with IBU-tec: "As a critical raw materials company, we provide the basis for the clean energy and mobility transition. It is estimated that the number of electric vehicles registered worldwide will increase to around 500 million by 2040. Countless batteries are required for this. Against this background, we are pleased with our forward-looking IBU-tec partnership to scale the reliable production of European origin LFP cells, meeting the growing requirements for the European market and beyond. The partnership also fully complies with current regulatory developments such as the Supply Chain Act or the 17 Sustainable Development Goals of the United Nations."

Source: https://www.ibu-tec.de/

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