EIB to back PBT’s battery material production project in Germany
The EIB to back a project of Australia’s Pure Battery Technologies (PBT) for battery material production in Germany. Image by European Investment Bank.
The European Investment Bank (EIB) will provide a loan of EUR 36.7 million (USD 38.67m) to a unit of Australia’s Pure Battery Technologies (PBT) to build a commercial demonstration plant for the manufacturing of materials for lithium-ion batteries.
The facility will be PTB's first commercial plant that will produce precursor cathode active material (pCAM) which is used in the production of advanced lithium-ion cells with nickel, manganese and cobalt (NMC) chemistry. The factory will be built by PTB's wholly-owned subsidiary Koenigswarter & Ebell on a brownfield industrial site in Hagen, western Germany.
PTB will utilise a processing technology developed by the University of Queensland in Australia to produce the battery material from both primary and recycled resources. The use of recycled battery material as feedstock in the production process at the new plant will reduce the need for resources such as nickel, manganese and cobalt.
The EIB financing will be provided in the form of a venture debt loan which is supported by the InvestEU Green Transition programme.
Brisbane-based PBT seeks to establish a closed material cycle for cathode material in the EU in recycling, targeting sales of EUR 150 million in Germany in 2023/2024.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.