- General Motors Co GM investment arm GM Ventures has made a strategic investment in Lithium Recycling Inc Series A funding round. Financial terms were not disclosed.
- The investment will support the new strategic partnership agreement between GM and Lithion to pursue a circular battery ecosystem.
- The collaboration will focus on the validation of Lithion’s recovered battery materials for use in the manufacture of new batteries and the potential for acquiring battery materials.
- In addition, the collaboration will focus on joint investments in research and development for both recycling processes and the recyclability of future battery designs.
- Related: Hertz Global buys 175,000 electric vehicles from General Motors
- As a third-party life cycle analysis shows, the technology and operations of Lithion will reduce greenhouse gas emissions by over 75% and water use by over 90% compared to degrading battery materials.
- In 2023, Lithion will start up its first commercial recycling operations, followed by the start-up of its first hydrometallurgical plant in 2025.
- “GM is aggressively scaling battery cell and EV production in North America to meet our goal of more than 1 million units annual capacity by 2025, and we plan to eliminate tailpipe emissions from all of our new light-duty trucks by 2035—we’re also building a supply chain and recycling strategy that can grow with us,” said Jeff Morrison, GM VP, Global Purchasing and Supply Chain.
- also read: GM revs its engine: Automaker announces stock buybacks, quarterly dividends, EV projects, and other tough initiatives
- Price promotion: GM shares trade 0.24% lower at $37.59 on the last check Thursday.
- Photo via company
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