Australian based mineral and battery developer Neometals surged as much as 20% during trading today after announcing that Mercedez-Benz subsidiary LICULAR GmbH will be partnering up to design and construct a lithium-ion recycling plant in Germany.
The construction project will begin in mid-2020 via a joint venture Primobius GmBH between Neometals and German manufacturer SMS group to recycle end of life lithium-ion batteries.
While the deal is yet to be formally agreed upon, both parties claim to be in the advanced stages of finalising a formal agreement. The plant will aim to recycle approximately 2,500 tonnes p.a of lithium ion for LICULAR.
The completion of this plant is pivotal to Mercedez-Benz’s 100% electric growth strategy so that in the future they will no longer need to be reliant on raw battery materials going forward.
Neometals Managing Director, Chris Reed said:
“We are proud that one of the greatest names in the automobile industry has announced its intention to partner with Primobius and made a clear commitment towards sustainable battery recycling… Lithium battery recycling supports conservation of resources, decarbonisation and supply chain resilience and we are excited to assist Mercedes in its goal to re-use recovered materials.”