Hertz Lithium Inc., a leading player in the exploration and development of lithium resources, has announced its agreement to acquire Canuck Lithium Corp. (CVE: CK). The acquisition, which came when the company was looking to expand both its lithium production capacity and global presence, is seen by analysts as a significant move for the company.
Hertz Lithium Inc.’s acquisition of Canuck Lithium Corp. gives them access to some of Canada’s most promising lithium properties. The move is aimed at increasing the company’s production of lithium carbonate, an essential component in the manufacture of electric vehicle batteries. In addition to this, the acquisition allows Hertz to benefit from Canuck’s extensive network of partners in the public and private sectors, making it easier for them to access necessary resources to fuel further expansion.
The parties involved had been in discussions for some time and the agreement is expected to be completed within the next few months. Upon completion, the Canuck Lithium Corp. will become a wholly owned subsidiary of Hertz Lithium Inc.
Canuck was founded in 2016 and has since established a number of major partnerships including an agreement with Korea Customized Clean Energy (KCEL) and Hatch. Under the agreement they are working together on the development of the Stewardson Lake lithium project in Saskatchewan. With their help, Canuck has also rapidly expanded their portfolio of other lithium exploration projects.
The acquisition provides Hertz Lithium Inc. with added capability to services their international clients and increase their lithium resources. In the coming months, the two companies will move towards further integration of their respective assets and operations.
Hertz’s acquisition of Canuck marks yet another example of the rapid development of the lithium industry. This will be an exciting development for those involved, as well as those in the lithium market as a whole. With the completion of the acquisition, the newly combined company hopes to become a leader in the production and supply of lithium, making it a major contributor to the clean energy revolution.
