Finnish energy and heat producer Fortum (HEL:FORTUM) announced on Thursday it is acquiring Crisolteq, a domestic specialist in the recycling of valuable metals in lithium-ion batteries, for an undisclosed amount.
The deal strengthens Fortum’s position in the recycling of high-value materials in Europe and boosts the Finnish company's existing battery business, according to the statement.
The business generated EUR 2.1 million (USD 2.34m) in revenue in the fiscal 2019.
"The electrification of our society will significantly increase the demand for batteries in the future. The recycling of valuable metals decreases the environmental load of electric vehicle (EV) batteries by reducing the need to excavate valuable metals," Fortum's vice-president Kalle Saarimaa said.
Founded in 2005, Crisolteq has developed a unique hydro-metallurgical recycling process that allows a recycling rate of over 80% for lithium-ion batteries compared to the current recycling rate of about 50%. Cobalt, manganese and nickel are recovered in the process and can be used for producing new batteries.
The Finnish company has an industrial-scale hydro-metallurgical recycling facility, a production plant, and research and development activities in three different locations in Finland.
(EUR 1.0 = USD 1.115)
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