Finland's Fortum has announced it will be acquiring Crisolteq, a Finnish firm that specialises in recycling of valuable metals in lithium-ion batteries. Fortum has described the investment as strengthening its position in the recycling of high value materials in Europe.
Photographer: Tuomas Harjumaaskola / Fortum
Crisolteq employs 23 people and sales amounted to €2.1-million during the last fiscal year. The acquisition price has not been disclosed.
Crisolteq has developed a unique hydrometallurgical recycling process that enables a recycling rate of more than 80% for lithium-ion batteries compared to the current recycling rate of about 50%. In the hydrometallurgical process cobalt, manganese, and nickel are recovered from the batteries. The valuable metals are delivered to a battery manufacturer to be used to produce new batteries.
“The electrification of our society will significantly increase the demand for batteries in the future. We strongly believe in the hydrometallurgical process developed by Crisolteq. We see a very promising future for the technology and see it as an important part of our recycling business. The recycling of valuable metals decreases the environmental load of EV batteries by reducing the need to excavate valuable metals,” said Kalle Saarimaa, Vice President, Recycling and Waste, Fortum.
Crisolteq has an industrial-scale hydrometallurgical recycling facility in Harjavalta, as well as a production plant in Tornio, and research and development activities in Raisio.
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