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June 29, 2021

American Honda inks battery recycling deal

Battery Resourcers has signed an agreement with Honda to recycle lithium-ion batteries from EVs in the US.

By Graeme Roberts

Battery Resourcers, a lithium-ion battery recycling and manufacturing company, announced an agreement with American Honda Motor to recycle Honda & Acura electric vehicle (EV) batteries.

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Millions of EVs are expected to reach US roads in coming years and new regulations mandate recycling of spent batteries and the use of recycled metals in new batteries.

The two companies will work together to improve recyclability and to reintegrate recycled material back into the automaker’s material supply chain.

Battery Resourcers CEO Mike O’Kronley said in a statement: “Our innovative, closed-loop recycling process addresses environmental and regulatory issues while unlocking the hidden value in spent lithium-ion batteries. As a result, we can provide safe, convenient and environmentally responsible recycling solutions at an affordable cost.”

Founded in 2015 as a spinout from the lab of Yan Wang at Worcester Polytechnic Institute, Battery Resourcers recently completed a US$20m Series B equity round with financing led by Orbia Ventures, the venture capital arm of the multinational Orbia, and other investors including At One Ventures, TDK Ventures, TRUMPF Venture, Doral Energy-Tech Ventures and Jaguar Land Rover’s In-Motion Ventures.

It claims to offer a “fundamentally new” approach to lithium-ion battery manufacturing, starting with a mixed stream of used lithium-ion batteries and ending with the production of finished, battery-ready cathode active materials. With 97% metal recovery, it currently produces nickel manganese cobalt (NMC) based cathode active materials.

Honda’s batteries will initially be processed by the company’s recently expanded site in Worcester, Massachusetts and, later, at a new commercial scale plant that will be operational in spring 2022. The new site will be capable of processing 20m pounds of batteries.

The company is also engineering a novel process for graphite recovery and purification, which will enable it to return both the cathode and anode active materials back to manufacturers of new batteries.

Free Report
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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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