Fortum is acquiring the entire shareholding in the Finnish growth company Crisolteq, a specialist in the recycling of valuable metals in lithium-ion batteries.
Crisolteq employs 23 people and sales amounted to EUR 2.1 million during its last fiscal year. The parties have agreed not to disclose the acquisition price.
Crisolteq has developed a unique hydrometallurgical recycling process that enables a recycling rate of more than 80% for lithium-ion batteries compared to the current recycling rate of about 50%. In the hydrometallurgical process cobalt, manganese, and nickel are recovered from the batteries. The valuable metals are delivered to a battery manufacturer to be used to produce new batteries.
Crisolteq has an industrial-scale hydrometallurgical recycling facility in Harjavalta, Finland. Additionally, Crisolteq has a production plant in Tornio, and research and development activities in Raisio.
Dr. Kenneth Ekman, CEO, CrisolteQ Ltd, tel. +358 40 748 1829
Read more about battery recycling: www.fortum.com/batterysolutions