Critical materials firm AMG, Fortum ink MOU for supply of recycled lithium hydroxide
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(Kitco News) - Critical materials firm AMG Advanced Metallurgical Group (EURONEXT: AMG) today announced that its wholly owned subsidiary, AMG Lithium has signed a non-binding memorandum of understanding with Fortum Battery Recycling, a Nordic clean energy provider.
In a news release, the company said that Fortum's all new commercial scale hydrometallurgical plant in Harjavalta is able to "efficiently recover" valuable metals from old electric vehicle lithium-ion batteries while also recycling various waste fractions derived throughout the battery supply chain.
According to the signed MOU, the lithium product recovered by Fortum Battery Recycling will be delivered to AMG Lithium for further processing.
Together, AMG Lithium and Fortum Battery Recycling aim to improve the entire battery recycling chain, contribute to reducing its CO2 footprint, and reduce the European battery value chain's dependency on raw material imports.
"This MOU represents another important step towards an independent and sustainable lithium supply chain for Europe," said Dr. Stefan Scherer, CEO of AMG Lithium. "We are looking forward to working together with Fortum in order to de-carbonize and improve the battery recycling lithium supply chain in Europe."
AMG is a global critical materials company producing highly engineered specialty metals and mineral products. With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan.
Fortum is a Nordic energy company. Fortum Battery Recycling is part of the Fortum portfolio. Fortum Battery Recycling is a specialist in recycling of valuable metals in EV batteries. The company's low-CO2 battery recycling solution makes it possible to recycle over 80% of the battery with 95% of the valuable metals contained in the battery's black mass to be put back into circulation.
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