What Are the Key Highlights of Primobius' Latest Commercial Update Announced by Neometals?
Primobius and Neometals: Pioneering in Lithium-Ion Battery Recycling
Neometals Ltd (ASX: NMT & AIM: NMT), a front-runner in innovative battery materials recycling, has announced significant developments in its joint venture with SMS group GmbH, Primobius GmbH. These updates mark a critical step in advancing lithium-ion battery recycling technology and positioning the company at the forefront of sustainable solutions in the battery materials sector.
Extension of Primobius’ Option with Stelco
In a crucial move, Stelco Inc. has extended the expiry date of Primobius’ option to acquire up to 50% of its lithium-ion battery recycling business to 30 June 2025. This extension reflects the ongoing commitment and confidence in the joint venture’s potential in the North American market.
Alignment of Technology License Agreement
Primobius has amended its technology license agreement, changing the focus from a standalone shredding spoke to a more integrated hydrometallurgical refinery hub. This amendment, aligning with the preferred business case, is set to enhance the efficacy and scope of the recycling operation.
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Progress Towards Commercial Product Readiness
Primobius is on track to achieve commercial spoke product readiness by April 2024, following the successful installation of the Mercedes-Benz spoke. This milestone is a testament to the joint venture’s technological prowess and its ability to meet the evolving needs of the battery recycling market.
Fully-Integrated Plant Supply Contract
Primobius plans to offer a fully-integrated plant supply contract to Stelco SPV and other customers in June Q 2025. This offer will follow the completion of a detailed engineering study and final factory acceptance testing of the fully-integrated Mercedes-Benz 2,500tpa pilot plant.
Managing Director’s Insights
Chris Reed, Managing Director of Neometals, emphasized the strong working relationship with Stelco and the strategic shift to provide North American carmakers with a secure supply of battery materials from end-of-life electric vehicles. Reed highlighted Primobius’ role in lowering carbon footprint through recycling and its commitment to scaling up its technology globally.
Neometals’ Core Business Units
Neometals is championing the development and commercialization of environmentally-friendly processing technologies. Its core business units focus on lithium-ion battery recycling, lithium chemicals production, and vanadium recovery, all aimed at creating sustainable and low-cost solutions.
About Neometals Ltd
Neometals boasts a portfolio of technologies that produce critical and strategic battery materials with minimal environmental impact. Its partnerships in the industry underscore its dedication to sustainable lithium, nickel, cobalt, and vanadium production from recycling and waste recovery, thus supporting the global energy transition.
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