Battery recycler Ecobat is expanding its reach across Germany through its acquisition of lithium-ion batteries processor Promesa.
The Texas-based battery recycler said in a statement that the acquisition would poise Ecobat as the only European service provider for batteries of all chemistries. The integration of the Hettstedt, a Germany-based company also positions Ecobat as the only provider of lithium-ion batteries recycling, Jimmy Herring, president and chief executive officer of Ecobat noted.
The company plans to increase recycling capacities at the Promesa facilities to meet the growing demand for lithium-ion battery recycling across Europe. According to the firm, EV lithium-ion battery recycling demand is expected to be worth $4.7bn in a decade. Moreover, Promesa will provide Ecobat an entry into the lucrative European EV battery scrap market as well as access to around 3,200mt of chemical compounds in a market that is growing at an annual growth rate of 31.6pc.
Ecobat also runs a lead battery recycling plant in Berzelius, Stolberg. The plant had declared a force majeure on deliveries in late July due to the flooding in southern Germany.