General Motors (GM) Announces Lithion Investment and Strategic Partnership Agreement
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General Motors (NYSE: GM) announced today that the company is investing in Lithion Recycling Inc.’s Series A financing round, supporting a new GM-Lithion strategic partnership agreement to pursue a circular battery ecosystem using Lithion's advanced battery recycling technology
The collaboration will focus on the validation of Lithion's recovered battery materials for use in the production of new batteries, and potential to acquire battery materials. The company’s will also invest in research and development for the recycling processes and the recyclability of future battery designs.
"Working with GM marks a key step in Lithion's commercial development and pioneers a needed breakthrough in the electrification of transportation by enabling a cost-effective and sustainable circularity in the EV battery industry," said Benoit Couture, president and CEO of Lithion. "This partnership underscores our commitment to enable the transition to a low-carbon economy amidst the fight against climate change."
"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 vice president, Global Purchasing and Supply Chain. "In Lithion's technology, we see the opportunity to recover and reuse raw material in our Ultium battery packs, making the EVs we produce even more sustainable and helping drive down costs."
By Michael Elkins | [email protected]
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