Summary: To develop a new hydrometallurgical project for the recycling and utilisation of waste LFP batteries, MAE and SVOLT proposed establishing a JV jointly. This project will have an annual production capacity of 5,000 tonnes of lithium carbonate and 20,000 tonnes of iron phosphate.

On 8 Feb., Miracle Automation Engineering Co., Ltd. (MAE) reviewed and authorised the "Proposal on the Establishment of a Joint Venture Company with SVOLT Energy Technology Co., Ltd. (SVOLT)". To carry out a hydrometallurgical project for the recycling and use of power batteries, the company and SVOLT intended to set up a JV together.

Following are the highlights of the proposal:

• The JV will have USD20.24 million (RMB136.60 million) in registered capital; MAE planned to spend USD9.92 million (RMB66.93 million) for a 49% stake and SVOLT proposed to invest USD10.32 million (RMB69.67 million) for a 51% stake
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• MAE and SVOLT wanted to form a JV either directly or through their subsidiaries, and use the JV as the primary organisation to build a new hydrometallurgical project for the recycling and utilisation of waste LFP batteries in Shangrao city, Jiangxi Province. With an estimated investment of USD99.21 million (RMB669.60 million), this project will have a production capacity of 5,000 t/a of lithium carbonate and 20,000 tonnes of iron phosphate

 

With core technological advantages and sustainable R&D capabilities in important areas of the industry chain, such as battery materials, manufacturing processes, and battery systems, SVOLT is a professional Li-ion battery system provider with a focus on the R&D, production, and sales of power batteries and energy storage battery systems for AEV. It now has production bases in Changzhou, Taizhou, and Nanjing cities of Jiangsu Province, Baoding City of Hebei Province, and Ma'anshan City of Anhui Province, as well as R&D centres in Wuxi City of Jiangsu Province, Baoding City of Hebei Province, Shanghai Municipality, and Shenzhen City of Guangdong Province.

 

According to MAE, working with SVOLT will boost the core competitiveness, sustainable development, and raw material security for its Li-ion battery recycling business, and will also improve its distinctive competitive advantages in the Li-ion battery recycling market.