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Princeton NuEnergy Enters Strategic Partnership Agreement with Greenland for the Recycling of Lithium-ion Batteries

Princeton NuEnergy Enters Strategic Partnership Agreement with Greenland for the Recycling of Lithium-ion Batteries

Princeton NuEnergy, Inc. (“PNE”), an emerging growth company primarily engaged in the regeneration of lithium-ion battery (“LIB”) material, today announced it has entered into a strategic partnership agreement with Greenland Technologies Holding Corporation (“Greenland”), a technology developer and manufacturer of industrial electric vehicles and drivetrain systems for material handling machinery and vehicles, 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:

  1. 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;                                
  2. 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% recycling targets; and
  3. 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.”

See related article: Bluebird Network Commits to Net-Zero Carbon Emissions by 2040

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 is an increasing concern as the proliferation of electric vehicles continues 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.”

Source: Princeton NuEnergy, Inc.

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