The company ‘Stelco Holdings Inc.’, has signed a MOU (Memorandum of Understanding) with the company Primobius GmbH for the purpose of commercializing the advanced the electric vehicle battery recycling and processing the technologies in the region of North America.
The company said that, with the help of the integrated steelmaking facilities that are technologically advanced, and the steelmaker is going to be creating a system of the auto recycling and the provision of the battery and metals and green steel that has been backing the customers of automotive OEM.
While announcing the option and licensing agreements, the company ‘Primobius’ is going to be issuing a license to the company ‘Stelco’ and it is also going to be holding an option for the purpose of acquiring 25 percent to 50 percent of the venture, and according to the company, the initial operations have also been targeted for the year 2023.
The partnership is going to be enabling the independent steel producing company that is going to be securing the life ending o9f the electric vehicles for the purpose of sourcing the scrap steel feedstocks along with recycling the batteries in a 20,000 net ton every year integrated operation that has been proposed by the company.
Alan Kestenbaum, chief executive officer and executive chairman of Stelco said that, the company has been thrilled for partnering with the company ‘Primobius’ by providing the service, and the company ‘Stelco’ is going to be able for recycling the end of the life of electric vehicles, along with converting them into the green steel and also recovering from the batteries of the metals such as cobalt, manganese, lithium and nickel.
