Cenntro Electric Group Limited (NASDAQ: CENN) saw its shares pick up ground Tuesday. The global leader in electric vehicle (“EV”) technology with advanced, market-validated electric commercial vehicles, and Princeton NuEnergy, Inc. ("PNE"), an emerging growth company primarily engaged in the regeneration of lithium-ion battery ("LIB") material, today announced a Strategic Partnership Letter of Intent for spent Lithium-ion battery feedstocks for recycled cathode materials and byproducts with Cenntro.
The intent of the partnership is to drive end-to-end sustainability in the EV sector using advanced lithium-ion battery-powered vehicles and PNE recycling technology to reach net-zero emissions.
According to BloombergNEF, cathode choice is a significant factor in determining battery energy density, with cathode materials typically accounting for over half the cost of lithium-ion batteries. PNE’s innovative direct battery recycling processes, Cathode-to-Cathode™ and Anode-to-Anode™, can significantly reduce recycling costs.
Overall, according to this morning’s news release, PNE’s recycling process can be 44% less costly than mined source materials and 39% less costly than traditional hydrometallurgical processes.
“Furthermore,” the release goes on, “PNE’s processes recover over 95% of critical elements in spent lithium-ion batteries, while emitting 70% less CO2 and utilizing 73% less energy when compared to traditional technologies.”
Says PNE Founder Chao Yan, “This strategic partnership brings a new element to the sustainability story as a manufacturer of energy-efficient and carbon-reducing technology. We look forward to creating sustainable, end-to-end solutions that will help us enhance technological innovation in battery recycling and create real impact.”
CENN shares improved three cents, or 1.8%, to $1.67.
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