Princeton NuEnergy, Traxys North America reach battery sustainability agreement

Princeton NuEnergy Inc. (PNE), Bordentown, New Jersey, has reached a memorandum of agreement (MOA) with New York-based Traxys North America LLC that will help PNE advance its lithium-ion battery recycling technology.

Formed in 2019, PNE is focused on recycling, repurposing and commercializing lithium-ion battery materials from electric vehicles (EVs), consumer electronics, manufacturing scrap and energy storage batteries. Under the MOA, Traxys will help PNE with sourcing, marketing, distribution, financing, logistical solutions and global funding strategies.

Traxys will participate in PNE’s current Series A round of funding.

“We truly value Traxys’ role as a market leader in the EV battery supply chain,” PNE Chief Operating Officer Peng Zhao says. “Our cutting-edge technology, coupled with their longstanding credibility in the market, will allow us to capture market share in the industry.

“Partnering with Traxys is a huge validation for myself and the PNE team,” Zhao says. “The team at Traxys has their ear to the ground on all aspects of the EV industry, which will help us to navigate and prepare our future growth strategy.”

PNE uses a low-temperature plasma process to reclaim rejuvenated cathode and anode materials suitable for direct reintroduction into cell manufacturing. The company says its process offers low cost, a low carbon footprint and no hazardous emissions at a high rate of recycling efficiency.

“We have been predicting for several years that the EV sector would grow significantly, and we have been firmly committed to serving the needs of this market,” Traxys Managing Director Kevin Smith says. “PNE and their team fill a significant void in the EV battery ecosystem.

“Their technology has the potential to be game-changing, allowing for the production of direct precursor battery cathode-active materials, with a lower carbon emission footprint and a more economical process,” Smith adds.

Traxys North America is part of the Traxys Group, a physical commodity trader and merchant in the metals and natural resources sectors. The group’s logistics, marketing, distribution, supply chain management and trading activities are conducted by more than 400 employees in over 20 locations worldwide.