- General Motors Co's GM investment arm GM Ventures has made a strategic investment in Lithion Recycling Inc's Series A financing round. The financial terms were not dsiclosed.
- The investment will support the new GM-Lithion strategic partnership agreement to pursue a circular battery ecosystem.
- The collaboration will focus on validating Lithion's recovered battery materials for use in producing new batteries and the potential to acquire battery materials.
- Also, the collaboration will concentrate on joint investment in research and development for both recycling processes and the recyclability of future battery design.
- Related: Hertz Global To Buy 175,000 EVs From General Motors
- As demonstrated by a third-party lifecycle analysis, Lithion's technology and operations will reduce greenhouse gas emissions by over 75% and water usage by over 90% compared to mining battery materials.
- In 2023, Lithion will launch its first commercial recycling operations, followed by the launch of its first hydrometallurgical plant in 2025.
- "GM is aggressively scaling battery cell and EV production in North America to reach our target of more than 1 million units of annual capacity by 2025, and we plan to eliminate tailpipe emissions from all our new light-duty vehicles by 2035 – so we are building a supply chain and recycling strategy that can grow with us," said Jeff Morrison, GM VP, Global Purchasing and Supply Chain.
- Also Read: GM Gets Its Motor Running: Carmaker Announces Share Buybacks, Quarterly Dividends, EV Projects And Other Hard-Driving Initiatives
- Price Action: GM shares are trading lower by 0.24% at $37.59 on the last check Thursday.
- Photo Via Company
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