Posted on 12 Mar 2024
Shenzhen-listed battery recycler GEM says its subsidiary Power Regeneration Technology has signed strategic cooperation framework agreements with several companies, Kallanish reports.
According to a company’s statement, during the cooperation period, and based on market conditions, each Party B entity will deliver at least 10,000 tonnes of batteries and battery waste for green recycling processing to produce battery raw materials.
The Party B companies are Camel Group’s Xiangyang branch, Anhui Xunying New Energy Group, Henan Zhongxin New Material, Hunan Wuchuang New Energy Technology and Meihua New Material (Hubei).
All parties will jointly build and share a full life cycle value chain covering NEV recycling, power battery recycling, and manufacturing of battery material using recovered metals.
The framework agreement also requires that Power Regeneration Technology and Party B designate compliant collection-type and centralised outlets based on the Guidelines for the Construction and Operation of New Energy Vehicle Power Battery Recycling Service Outlets issued by the Ministry of Industry and Information Technology (MIIT).
GEM did not disclose the exact cooperation period in its announcement or when it plans to sign a definitive agreement. Further details are anticipated in the final cooperation agreements and other documents signed separately by the parties.
Source:Kallanish
