Two Garden State companies are partnering to offer a recycling solution for end-of-life lithium-ion batteries used in industrial vehicles.
Greenland Technologies Holding Corp., headquartered in East Windsor, and Bordentown-based Princeton NuEnergy announced a new agreement on March 8 to create a sustainable recycling solution for the lithium-ion batteries used in Greenland’s electric industrial vehicles — including electric forklifts, electric loaders and electric excavators to further minimize their environmental footprint.
Princeton NuEnergy is a technology developer that creates sustainable second-life battery solutions and closed-loop lithium-ion battery recycling.
Under the agreement, Greenland and Princeton NuEnergy will work with battery manufacturers to provide battery-grade recycled material with the aim of developing a revenue stream for Princeton NuEnergy, while reducing the cost of battery procurement for Greenland.
“Incorporating environmentally friendly manufacturing processes makes sound business sense as we work to develop a sustainable, circular supply chain,” Raymond Wang, CEO of Greenland, said in a statement. “Battery supply and materials availability is an increasing concern as the proliferation of electric vehicles continues to accelerate, with the risk of becoming a gating factor in the manufacturing process a few years down the road. We have done extensive due diligence on options that could help us mitigate that potential supply chain bottleneck given our forecasts for accelerating growth and product line expansion. We think Princeton NuEnergy’s innovative, proprietary process can be a real game changer for us and we are excited to be partnering together at this important juncture.”
Chao Yan, CEO of Princeton NuEnergy, added, “Our partnership gives us an invaluable opportunity to commercialize the advanced technologies and recycling processes we have been developing over the past few years, as we seek to help the electric vehicle industry meet its ambitious growth targets.”
