Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
RecycLiCo Battery Materials Inc. is a Canadian clean technology company focused on the recycling and upcycling of lithium-ion battery materials. The company operates within the battery materials, critical minerals, and clean energy industries, with a core emphasis on recovering lithium, cobalt, nickel, and manganese from end-of-life lithium-ion batteries and battery manufacturing scrap. Its primary revenue drivers are expected to come from licensing its proprietary recycling technology, processing agreements, and potential sales of recovered battery-grade materials. The company primarily targets battery manufacturers, electric vehicle (EV) supply chains, and energy storage system producers seeking sustainable and localized sources of critical minerals.
Formerly known as American Manganese Inc., the company was founded in 1974 and initially focused on mining and mineral exploration. Beginning in the mid-2010s, it strategically transitioned away from traditional mining toward battery recycling technologies, reflecting structural shifts in global EV and energy storage markets. In 2021, the company rebranded as RecycLiCo Battery Materials Inc. to align its identity with its technology-driven recycling focus and circular economy strategy.
Business Operations
RecycLiCo’s core operations center on its proprietary RecycLiCo™ hydrometallurgical recycling process, which is designed to recover cathode-grade lithium, nickel, cobalt, and manganese from lithium-ion battery waste with high recovery rates. The company’s activities are primarily research, development, piloting, and commercialization of this technology rather than large-scale commercial recycling operations. Revenue generation to date has been limited, with the company largely dependent on equity financing while advancing toward commercial deployment.
Operationally, RecycLiCo maintains pilot-scale facilities in Canada and collaborates with third-party battery recyclers, material suppliers, and research institutions to validate and scale its process. The company does not currently operate full commercial plants but pursues licensing, joint development agreements, and strategic partnerships as a pathway to commercialization. Subsidiaries have historically been used to hold intellectual property and regional assets, though operations are centrally managed.
Strategic Position & Investments
RecycLiCo’s strategic direction is focused on becoming a technology provider within the battery recycling ecosystem rather than a capital-intensive plant operator. Growth initiatives emphasize technology validation, regulatory approvals, and partnerships with battery manufacturers and recyclers seeking closed-loop supply solutions. The company has invested significantly in process optimization, purity improvements, and scalability to meet battery-grade material specifications required by EV manufacturers.
The company has not completed large acquisitions but has entered into testing programs, memoranda of understanding, and collaborative agreements with industry participants in North America, Asia, and Europe. Its strategic positioning centers on offering an environmentally lower-impact alternative to traditional pyrometallurgical recycling and primary mining, particularly as governments prioritize domestic critical mineral supply chains.
Geographic Footprint
RecycLiCo is headquartered in Surrey, British Columbia, Canada, with core research and pilot operations based in Canada. The company’s strategic focus is international, reflecting the global nature of battery supply chains, and it has engaged with potential partners in North America, Asia, and Europe. While it does not currently operate commercial facilities outside Canada, its licensing model is designed to enable international deployment of its technology.
The company’s influence is primarily technological rather than operational, with its intellectual property intended for adoption by recycling and battery manufacturing partners across multiple regions. Market engagement has been strongest in jurisdictions actively developing EV manufacturing capacity and domestic battery material supply chains.
Leadership & Governance
RecycLiCo is led by a management team with experience in materials science, mining, and clean technology commercialization. The leadership emphasizes technological validation, regulatory compliance, and strategic partnerships as key pillars of long-term value creation. Governance follows Canadian public company standards, with oversight provided by a board of directors experienced in resource development and capital markets.
Key executives include:
- Larry Reaugh – President and Chief Executive Officer
- John Webster – Chief Financial Officer
- Dr. Alistair D. Ewins – Director
- Michael Murphy – Director
The leadership’s stated vision centers on enabling a circular economy for lithium-ion batteries by reducing dependence on primary mining and supporting sustainable electrification trends through advanced recycling technologies.