13th May 2022 09:27
(Alliance News) - Neometals Ltd on Friday said its battery recycling joint venture has signed a cooperation agreement with Mercedes-Benz AG's recycling subsidiary Licular GmbH.
The agreement follows a deal signed between both companies in March, where the German automaker announced Primorbius as its technology partner for the design and construction of a 2,500 tonnes per annum lithium-ion battery recycling plant.
Neometals created the Primobius joint venture with German construction engineering firm SMS Group GmbH.
Shares in Neometals were 8.0% higher at 77.77 pence on Friday morning in London.
Under the cooperation agreement, Primobius will enter into a long-term research and development collaboration for recycling cell formats and chemistries, and will provide a non-exclusive technology licence for the recycling plant, staff training and plant management to Licular.
The recycling plant, which has a nominal design of 10 tonnes per day is expected to be operated at Mercedes-Benz's Kuppenheim operations in southern Germany, and will be built in two stages.
The agreement will start and become legally binding once Primobius receives a purchase order from Licular for the supply and installation of equipment for the plant, and has a term which will expire on December 31, 2026.
"We are delighted to formalise our long-term cooperation agreement with Mercedes-Benz. The R&D collaboration is as important to us as successfully supplying the equipment. We are excited to work together to develop a more holistic recycling solution covering logistics, handling, compliance and sustainability. We are grateful for the opportunity and accept the challenge to futureproof our processing technology," said Managing Director Christopher Reed.
By Dayo Laniyan; [email protected]
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