Friday 11 March 2022

New partnership signed for recycling of lithium-ion batteries

A new partnership aimed at creating a sustainable recycling solution for end-of-life lithium-ion batteries used in electric industrial vehicles has been announced.

Princeton NuEnergy (PNE) and Greenland Technologies Holding Corporation have entered into a strategic partnership agreement to recycle batteries used in vehicles including electric forklifts, electric loaders and electric excavators.

The companies aim to advance sustainability in the electro-mobility sector and further reduce the environmental footprint of shared electric industrial vehicles, with PNE serving as Greenland's partner in ultimately meeting its net zero emission and 100% recycling targets.

PNE will use its commercial lithium-ion battery recycling technology to recover the end-of-life batteries efficiency and sustainably from Greenland's electric industrial vehicle fleets and transform them into battery grade material that can be used in the production of new batteries.

Raymond Wang, CEO of Greenland said: “Incorporating environmentally-friendly manufacturing processes makes sound business sense as we work to develop a sustainable, circular supply chain. Battery supply and materials availability is an increasing concern as the proliferation of electric vehicles continues to accelerate, with the risk of becoming a gating factor in the manufacturing process a few years down the road.

“We have done extensive due diligence on options that can help us mitigate that potential supply chain bottleneck given our forecasts for accelerating growth and product line expansion. We think PNE's innovative, proprietary process can be a real game changer for us and we are excited to be partnering together at this important juncture.”