State-owned energy company Fortum is set to buy out fellow Finnish company Crisolteq as it looks to tighten its grip on the lithium-ion battery recycling market.
The buy-out the hydrometallurgical lithium-ion battery recycler was announced on 16 January and positions Fortum as a key player in the recovery of high value lithium-ion battery materials, including nickel and cobalt, in Europe.
The parties have agreed not to disclose the acquisition price.
Crisolteq uses a hydrometallurgical recycling process to recover cobalt, manganese and nickel, which is then sent to a battery manufacturer to produce new batteries.
The process enables a recycling rate of more than 80% for lithium-ion batteries compared to the average 50%.
Kalle Saarimaa, vice president, Recycling and Waste, Fortum, said the electrification of our society would significantly increase the demand for batteries in the future and Crisolteq’s hydrometallurgical process was a promising technology in the recycling business.
Crisolteq has an industrial-scale hydrometallurgical recycling facility in Harjavalta, Finland. Crisolteq also has a production plant in Tornio and research and development activities in Raisio, both in Finland.
Click HERE to read BEST‘s dedicated battery recycling section in the latest edition of the magazine.
