Stelco partners with Primobius on electric vehicle battery recycling tech
Maryam FaragBusiness Operations Industry Automotive Resource Sector automotive battery Business Canada Electric Vehicles manufacturer manufacturing metals recycling Technology US
Stelco Holdings Inc. has executed binding licensing and option agreements with Primobius GmbH to commercialize Primobius’s proprietary electric vehicle battery recycling and processing technologies in North America.
The licensing agreement will enable Stelco to advance commercial lithium-ion battery feedstock sourcing agreements and commence engineering and approvals processes. The option agreement grants Primobius the right to acquire between 25 and 50 per cent equity in Stelco’s wholly-owned subsidiary performing these activities.
“By providing this service, Stelco will be able to recycle end-of-life electric vehicles, convert them into green steel and recover from their batteries high purity metals such as lithium, nickel, cobalt and manganese,” said Alan Kestenbaum, Executive Chairman and CEO, Stelco. “The synergies obtained by joining the leading engineering company in the world with the leading battery metals technology company and with our state-of-the-art steelmaking capabilities position Stelco as the best-in-class partner to automotive OEMs, particularly those pursuing electric vehicle strategies.”