Elemental Holding has secured a loan of up to €25m from the European Bank for Reconstruction and Development (EBRD) for the construction of a recycling plant for car batteries in Poland.
Once operational, the facility is expected to be one of the first in the world and the first of its kind in EU to recycle spent lithium-ion batteries for electric vehicles (EVs) and other waste containing metals.
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This project assumes importance given the rapid rise of EVs.
The EBRD loan is part of a wider financing package raised by the firm to fund the construction of the facility.
The Polish firm collects and recycles platinum-group metals and electrical waste, and has operations in other European countries, the US and the Middle East.
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EBRD Manufacturing and Services director Frederic Lucenet said: “This is an outstanding example of how new technology and progress with the green economy are working hand in hand. The EBRD is actively supporting Poland’s ambitious agenda to become a low-carbon economy and has already financed several large e-mobility projects with domestic and foreign investors.”
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By GlobalDataElemental Holding vice-president Michal Zygmunt said: “The project reflects the strategy of Elemental Holding focusing on the recovery and refining of critical raw materials, with the application of low-carbon-footprint technology and innovations.”
The facility will see installation of new technology supplemented and co-financed by the Polish National Centre for Research and Development (NCBR) and supported by the European Commission.
The recycling facility will also help in the reduction of greenhouse gas emissions, as the production and use of recycled batteries and metals can lead to 98% carbon savings, in addition to efficient use of scarce natural resources.
Technical cooperation to the project was given by TaiwanBusiness-EBRD Technical Cooperation Fund and Spain.
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This project assumes importance given the rapid rise of EVs. Credit: Sophie Jonas/Unsplash.
