Cenntro Electric Group and Princeton NuEnergy Enter Strategic Partnership Letter of Intent for the Recycling of Lithium-ion Batteries
June 14 2022 - 8:31AM
Business Wire
Partnership to Drive End-to-End Sustainability
and Closed-Loop Supply Chain in the Electric Vehicle Sector
Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the
Company”), a 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, PNE’s recycling
process can be 44% less costly than mined source materials and 39%
less costly than traditional hydrometallurgical processes.
Furthermore, 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.
“We’re excited to collaborate with Cenntro in creating a
closed-loop supply chain by retrieving, recycling, and regenerating
battery-grade materials from end-of-life batteries,” said Dr. Chao
Yan, founder of PNE. “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.”
“It is critical for our industry to recycle efficiently to solve
the ongoing scarcities of essential raw materials and reduce the
industry's reliance on environmentally intensive mining for battery
development,” said Peter Wang, Chairman and CEO of Cenntro. “Our
partnership with PNE will act as a foundation to encourage the
establishment of efficient, safe, and sustainable recovery pathways
for end-of-life electric vehicle battery packs.”
About Princeton NuEnergy
Princeton NuEnergy is a clean-tech start-up delivers innovative
and sustainable energy and environmental solutions. The Company's
current focus on the direct recycling of lithium-ion batteries from
electric vehicles and consumer electronics. The patented
“Cathode-to-Cathode™” low temperature plasma technology able to
reduce half cost and over 70% CO2 emissions compared with
traditional technologies For more information, visit
www.pnecycle.com.
About Cenntro Electric Group Ltd.
Cenntro Electric Group Ltd. (or "Cenntro”) (NASDAQ: CENN) is a
leading designer and manufacturer of electric light and medium-duty
commercial vehicles. Cenntro’s purpose-built ECVs are designed to
serve a variety of organizations in support of city services,
last-mile delivery, and other commercial applications. Cenntro
plans to lead the transformation in the automotive industry through
scalable, decentralized production, decentralized production, and
smart driving solutions empowered by the Cenntro iChassis™. As of
December 31, 2021, Cenntro has sold or put into service more than
3,700 vehicles in over 25 countries across North America, Europe,
and Asia. For more information about the company, please visit
www.cenntroauto.com.
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Princeton NuEnergy
Contact:
Dr. Yan Chao Princeton NuEnergy Phone: +1(973) 818-3428 Email:
info@pnecycle.com
Cenntro Contact:
Investor Relations: Chris Tyson MZ North America
CENN@mzgroup.us 949-491-8235
Company: PR@cenntroauto.com IR@cenntroauto.com
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