Cronimet finalizes JV with battery materials firm

The Revomet GmbH subsidiary of Germany-based Cronimet Group, which was founded in 2023, has finalized a joint venture (JV) arrangement with China-based CNGR Advanced Material Co. Ltd.

The JV agreement calls for CNGR to acquire a 25 percent stake in Revomet Bitterfeld GmbH which, while founded based on a 2023 agreement between Cronimet and CNGR, previously was a wholly owned subsidiary of Revomet GmbH.

Revomet Bitterfeld operates what Cronimet calls one of Europe’s most advanced facilities for the recycling of battery scrap generated by the battery industry. The facility is located in Bitterfeld-Wolfen, Germany.

“The partnership’s goal is to recover valuable raw materials such as nickel, cobalt and lithium in the highest purity and return them to the production cycle,” Cronimet says.

“This partnership brings together cutting-edge recycling technologies, international market expertise and a strong logistics network, setting a new benchmark for sustainable value creation in the battery industry,” adds Dr. Filipe Costa, managing Director of Revomet GmbH.

Cronimet says Revomet contributes advanced recycling technologies deployed at its location in Bitterfeld-Wolfen and that CNGR is a global market leader in precursor cathode active material (pCAM) production and as having established a worldwide network in the battery industry.

“Cronimet, as Revomet’s parent company, contributes its global network, decades of leadership in stainless steel recycling, as well as extensive logistics and collection capacities across Europe," the company adds.

The metals recycling firm says the cooperative arrangement between a German and a Chinese company is among the first of its kind in Europe and represents a pioneering model for international partnerships in the battery industry.

“We are proud that, through this exchange of skills, expertise and processes, the Cronimet Group is able to make a significant and, above all, sustainable contribution to an efficient and sustainable battery industry in Europe,” Cronimet Group CEO Jürgen Pilarsky says.