- Neometals’ (NMT) lithium-ion battery recycling joint venture (JV), Primobius, executes a purchase order from Mercedes-Benz subsidiary, LICULAR
- As a result of the order, the previously laid out cooperation agreement between Primobius and LICULAR is now legally binding
- Under the agreement, the companies will work together to develop a battery recycling and waste disposal recycling plant
- The JV company will complete front-end engineering for the shredding section of LICULAR’s integrated recycling plant
- NMT shares are in the grey, trading at 93.5 cents per share at 10:03 am AEST
Neometals’ (NMT) joint venture (JV), Primobius, has executed a purchase order from luxury car manufacture Mercedes-Benz subsidiary, LICULAR.
Primobius is a 50:50 joint venture with Neometals and the SMS group.
This execution means that the previously laid out cooperation agreement between Primobius and LICULAR is now legally binding.
Under this agreement, the companies will work together to develop a battery recycling and waste disposal recycling plant.
The JV company will complete front-end engineering for the shredding section of LICULAR’s integrated recycling plant.
Based on the plant’s timetable, the execution of an equipment supply agreement will be considered in the December quarter.
Mercedes-Benz named Primobius as its preferred technology partner for the design and construction of a battery recycling plant.
As the market opens this morning, NMT shares were in the grey, trading at 93.5 cents per share at 10:03 am AEST.