Princeton NuEnergy, Inc. has announced it has entered into a strategic partnership agreement with Greenland Technologies Holding Corporation to create a recycling solution for lithium-ion batteries used in electric industrial vehicles, as the next step in creating a circular supply chain to alleviate a major future supply chain bottleneck.
Strategic Partnership Goals and Objectives:
- To create a safe and sustainable recycling solution for end-of-life lithium-ion batteries used in electric industrial vehicles including electric forklifts, electric loaders, and electric excavators.
- To advance sustainability efforts in the electromobility sector and further minimize the environmental footprint of shared electric industrial vehicles, with PNE serving as Greenland's partner in ultimately meeting its net-zero emission and 100 percent recycling targets: and
- PNE will utilize its commercial lithium-ion battery recycling Novel Plasma Based Direct Li-ion Battery Recycling Technology to recover the end-of-life batteries efficiently, safely, and sustainably from Greenland's electric industrial vehicle fleets and transform them into battery-grade material that can be used in the production of new batteries for new Greenland's electric industrial vehicles.
Dr. Yan, CEO of PNE, commented, "We know the Greenland team well and have been impressed with their strategy and execution. Our partnership gives us an invaluable opportunity to commercialize the advanced technologies and recycling processes we have been developing over the past few years, as we seek to help the electric vehicle industry meet its ambitious growth targets."
Raymond Wang, CEO of Greenland, added, "Incorporating environmentally friendly manufacturing processes makes sound business sense as we work to develop a sustainable, circular supply chain. Battery supply and materials availability are an increasing concern as the proliferation of electric vehicles continue to accelerate, with the risk of becoming a gating factor in the manufacturing process a few years down the road. We have done extensive due diligence on options that can help us mitigate that potential supply chain bottleneck given our forecasts for accelerating growth and product line expansion. We think PNE's innovative, proprietary process can be a real game-changer for us, and we are excited to be partnering together at this important juncture."