Princeton NuEnergy announces strategic partnership with Wistron GreenTech and eTak Worldwide on a sustainable direct recycling solution for Lithium-ion Battery and Kickoff Pilot Project.
Princeton NuEnergy, Inc., an emerging growth company primarily engaged in the regeneration of Lithium-Ion Battery (LIB) material, announced its partnership with Wistron GreenTech and eTak Worldwide.
The partnership aims to democratize direct recycling of Lithium-ion batteries with reduced energy consumption, CO2 emissions and operational costs. The joint pilot project kicked off in 2021 summer which aims to provide a standardized and reliable route for direct recycling and to repurpose lithium-ion batteries at scale.
According to Verified Market Research, the global LIB Market was valued at USD 36.35 Billion in 2019 and is projected to reach USD 115.98 Billion by 2027, growing at a CAGR of 15.6% from 2020 to 2027.
The primary drivers of this market are the increasing demand for electrification of consumer products and industrial equipment, and cleaner mobile energy. LIBs have been used extensively in electric vehicles (EVs) and grid energy storage because of their high energy density and high-power capability.
The surging order of LIBs will result in an exponential increase in demand for recycling, which is essential to recover critical metals such as lithium, nickel, and cobalt, reducing the carbon footprint of battery powered electronics and electric vehicles.
Princeton NuEnergy has developed a cost-effective, environmentally-friendly technology for directly recycling aged LIBs and regenerating the battery materials for reuse in building new batteries, super capacitors, portable consumer electronics, and EVs.
Regeneration of battery materials occurs directly without requiring complete breakdown of the chemical compounds, creating an attractive path for significantly reducing battery production costs and CO2 emissions.
Princeton NuEnergy (PNE), Wistron GreenTech, and eTak will jointly invest and develop a pilot production line for the direct recycling of the various types of LIB at the Texas facility from 2021 summer.
Dr. Yan Chao, Chief Executive Officer of the Company, commented,
We are very excited to be collaborating with Wistron GreenTech and eTak in delivering an efficient battery recycling solution to the American market.
“PNE’s direct recycling technology is a good fit with Wistron and eTak’ s expertise in the battery recycle market. This partnership and pilot project strengthens our position in the development of a sustainable LIB battery value chain.”
Wistron GreenTech is a subsidiary of Wistron Corporation, a Fortune Global 500 member, and an industry leader in electronics recycling services.
Jerry Wang, the General Manager, commented,
Wistron GreenTech is thrilled to expand our closed-loop battery recycling strategy by collaborating with Princeton NuEnergy and eTak Worldwide.
“Recycling of LIBs is a principal part of the Wistron supply chain and fulfillment of the carbon footprint reduction commitment, so it’s vital that we approach this strategic direction.”
Richard Lee, the COO of eTak Worldwide. Mr. Lee continued,
This partnership is an essential initiative for the eTak recycle business sector.
“We are excited to launch our joint pilot project with cutting-edge technology from Princeton NuEnergy, to solve the current Lithium-ion battery recycling challenges.” eTak is an electronics recycling leader in the US market which provides customized electronic recycling service.
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Princeton NuEnergy announces strategic partnership with Wistron GreenTech and eTak Worldwide on a sustainable direct recycling solution for Lithium-ion Battery and Kickoff Pilot Project, BORDENTOWN, N.J., September 29, 2021
