Amsterdam, 24 May 2023 --- AMG Critical Materials N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") announces its wholly owned subsidiary, AMG Lithium GmbH (“AMG Lithium”), has signed a non-binding memorandum of understanding (“MOU”) with Fortum Battery Recycling Oy (OMX: FORTUM), a Nordic clean energy provider.
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.
“We are very excited to be cooperating with AMG Lithium on this important project. We were looking for a partner who shared our vision for the future and was as committed to sustainability and lowering their carbon footprint as we are – and we found that in AMG Lithium,” says Fortum’s Tero Holländer, Head of the Battery business line, Fortum Battery Recycling.
“The agreement with AMG is also a great testament to the significance of our newly opened Harjavalta plant for the European battery recycling industry, highlighting the increased need for recycled battery materials and demand for new efficient and sustainable solutions. Through this cooperation, Fortum is the first company that can offer a true European closed loop solution for the automotive and battery industry,” Holländer continues.
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 GmbH. “We are looking forward to working together with Fortum in order to de-carbonize and improve the battery recycling lithium supply chain in Europe.”