“8:32a ET 6/14/2022 - Benzinga
Cenntro Electric Group, Princeton NuEnergy Enter Strategic Partnership Letter Of Intent For Recycling Of Lithium-Ion Batteries
Cenntro Electric Group Limited (NASDAQ:CENN) ("Cenntro" or "the Company"), a global leader in electric vehicle ("EV") technology with advanced, market-validated electric commercial vehicles, and Princeton NuEnergy, Inc. ("PNE"), an emerging growth company primarily engaged in the regeneration of lithium-ion battery ("LIB") material, today announced a Strategic Partnership Letter of Intent for spent Lithium-ion battery feedstocks for recycled cathode materials and byproducts with Cenntro.
The intent of the partnership is to drive end-to-end sustainability in the EV sector using advanced lithium-ion battery-powered vehicles and PNE recycling technology to reach net-zero emissions.
According to BloombergNEF, cathode choice is a significant factor in determining battery energy density, with cathode materials typically accounting for over half the cost of lithium-ion batteries. PNE's innovative direct battery recycling processes, Cathode-to-Cathodeâ?¢ and Anode-to-Anodeâ?¢, can significantly reduce recycling costs. Overall, PNE's recycling process can be 44% less costly than mined source materials and 39% less costly than traditional hydrometallurgical processes. Furthermore, PNE's processes recover over 95% of critical elements in spent lithium-ion batteries, while emitting 70% less CO2 and utilizing 73% less energy when compared to traditional technologies.
"We're excited to collaborate with Cenntro in creating a closed-loop supply chain by retrieving, recycling, and regenerating battery-grade materials from end-of-life batteries," said Dr. Chao Yan, founder of PNE. "This strategic partnership brings a new element to the sustainability story as a manufacturer of energy-efficient and carbon-reducing technology. We look forward to creating sustainable, end-to-end solutions that will help us enhance technological innovation in battery recycling and create real impact."
"It is critical for our industry to recycle efficiently to solve the ongoing scarcities of essential raw materials and reduce the industry's reliance on environmentally intensive mining for battery development," said Peter Wang, Chairman and CEO of Cenntro. "Our partnership with PNE will act as a foundation to encourage the establishment of efficient, safe, and sustainable recovery pathways for end-of-life electric vehicle battery packs."
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved”
Looking good to trend higher
my posts are always theory and not financial advice
AI
