EVSX Deploys Battery Recycling Capacity Through European Joint Venture to Accelerate Revenue Generation - Seite 2

The Italian industrial plant planned would have an initial capacity of 10,000 tons a year, and its costs are estimated at around 8 million euros. St-Georges and EVSX would contribute in kind via one of its ready-to-install industrial circuits, with expertise, and via a profit-sharing agreement in the transition period preceding the opening of the Italian industrial unit.

"All the technologies within the consortium are considered to be efficient and world-class for environmental footprint. This is an exciting time for both companies, and the approach allows for revenue generation more rapidly for both groups within Europe and allows growth throughout Italy and across Europe from the base in Puglia. The consortium will have a unique approach from battery preparation, hydrometallurgy, and pyrometallurgy for different batteries collected that is intended to be applied in North America and Europe." commented Enrico Di Cesare, CEO of EVSX

The joint venture will initially collect batteries and then process them at EVSX's Canadian plant in Thorold, Ontario, Canada. Subsidies and net profits obtained for the Italian batteries being processed at this stage will be set aside to finance the operations of the newly formed joint venture.

In the future, the European battery allocation provided by AraBat or sourced by EVSX in Southern Europe would be expected to be processed at the Puglia plant with the exception of certain types of specialized chemistries that require a specific setup like the one to be installed at EVSX's Thorold plant.

About AraBat SRL

AraBat is a circular economy start-up implementing "the most cost-effective and sustainable lithium batteries recycling process in the world". Our innovative hydrometallurgical technology allows to recycle spent lithium batteries through the use of agri-food waste and recover their precious metal compounds (lithium, cobalt, manganese, nickel, others) without polluting. Our circular business is based on offering a strategic recycling service to the battery manufacturers and the sale of the critical raw materials we recover. Our company is also involved in developing other circular processes, the production of renewable energy, and consultancy activities in the field of the green economy. Sustainability and circular economy are fundamental values in AraBat's corporate strategy.