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Neometals: Primobius JV In Cooperation Deal With Mercedes-Benz's Recycling Unit

Australian project development company Neometals Ltd. announced Friday that its joint venture Primobius GmbH has executed a conditional, binding agreement with LICULAR GmbH, the recycling unit of Mercedes-Benz AG.

Primobius JV is owned 50:50 by Neometals and SMS group GmbH. Further, LICULAR is founded specifically for the purpose of running a specialist consortia-based research programme with Mercedes-Benz to develop a holistic and sustainable recycling approach for lithium-ion batteries.

Mercedes-Benz in March had announced about its global strategy for recycling automotive battery systems and Primobius' role to support those objectives.

Neometals now said the cooperation will commence and become legally binding upon the receipt of an agreed form purchase order from LICULAR to Primobius for the supply and installation of the equipment for the construction, commissioning and operation of a LICULAR Recycling Plant for battery recycling and waste disposal.

The plant is expected to be located at Mercedes-Benz's Kuppenheim Operations in Southern Germany.

The Recycling Plant has a nominal design capacity of 10 tonnes per day or 2,500 tonnes per annum, and will be built in two stages. Primobius will provide a royalty-free technology licence for the Recycling Plant's operation, know-how and plant support to LICULAR.

In Australia, Neometals shares gained 13.82 percent and traded at A$1.40.

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