Lead-battery recycler Ecobat has bought lithium-ion battery recycler Promesa as it looks to expand its hold in the European market.
Ecobat’s buy-out of the Hettstedt, Germany, firm will allow it a further entry point to the European EV battery recycling market, which is expected to be worth $4.7 billion in 10 years, according to Ecobat.
The deal gives Ecobat a full suite of recycling services for lithium-ion batteries, from collecting, discharging and dismantling batteries, to crushing and sorting them and arranging for black mass disposal.
The company said that Promesa’s strategic location in the vehicle manufacturing and lithium battery centre of Germany provided a “crucial entry point” for battery access and OEM factory scrap.
Jimmy Herring, Ecobat’s president and chief executive officer, said: “Building on this acquisition, Ecobat will continue to expand our position in the lithium-ion battery recycling space with future investment plans underway to increase capacity at our Promesa facility and to build out additional dismantling capabilities across Germany.”
Promesa will provide Ecobat with access to business-critical permits for 3,200 tons of chemical compounds.
These contracts cover a broad range of waste materials associated with a variety of battery chemistries from household to electric vehicle, positioning Ecobat for expansive growth opportunities.
Earlier this month, Ecobat was named as a cohort member of US battery companies that will collaborate with the U.S. Department of Energy’s Argonne National Laboratory and The University of Toledo to improve lead-battery cycling efficiency.
The new two-year research collaboration is focused on improving the performance of advanced lead batteries, which includes work to identify methods to extend their cycle life.
The acquisition comes as Ecobat named Jamie Pierson (pictured) as its new chief financial officer.
Pierson will lead the Finance Homeroom on a global basis and provides strategic advice to the executive leadership team and board of directors.