Agreement with American Honda Motor Co. includes disassembly and recycling of spent Lithium-ion Batteries from the automaker's Electric Vehicles in the United States
WORCESTER, Mass., June 28, 2021 /PRNewswire/ -- Battery Resourcers, a vertically integrated lithium-ion battery recycling and manufacturing company, today announced an agreement with American Honda Motor Co. to recycle Honda & Acura Electric Vehicles (EV) batteries.
The safe and affordable recycling of spent lithium-ion batteries is a significant challenge for carmakers and battery manufacturers, especially since millions of EVs are expected to hit the road in the coming years and new regulations mandate recycling of spent batteries and the use of recycled metals in new batteries. In the future, Battery Resourcers and Honda will also work together to improve recyclability and to reintegrate recycled material back into Honda's material supply chain.
"We are proud to work with sustainably minded companies like Honda to revolutionize the lithium-ion supply chain and build a more sustainable future," said Battery Resourcers CEO Mike O'Kronley. "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 Prof. Yan Wang at Worcester Polytechnic Institute, Battery Resourcers recently completed a $20 million 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.
Unlike other battery recycling companies, Battery Resourcers offers 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, Battery Resourcers 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, Mass. and later at a new commercial scale plant that will be operational in the spring of 2022. The new site which will be capable of processing more than 20 million 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.
ABOUT BATTERY RESOURCERS Based in Worcester, Mass., Battery Resourcers operates the world's most efficient lithium-ion battery recycling process. A vertically integrated recycling, refining and materials engineering company, Battery Resourcers turns spent batteries and production scrap directly into new, battery-ready cathode active material with significant reductions in cost, emissions and energy consumption. Founded in 2015 with a mission of returning 100% of battery active materials back into new batteries, the company today makes EV-grade, finished cathode active materials that perform as well as industry-leading brands.