CNGR signs joint venture deal with Revomet

Chinese battery material manufacturer CNGR Advanced Material and the recycling company Revomet Bitterfeld have signed a joint venture agreement to recover raw materials and return them to the production cycle.

Under the joint venture agreement, CNGR Advanced Material acquired a 25 per cent stake in Revomet Bitterfeld GmbH, which was previously wholly owned by Revomet GmbH. Revomet, in turn, was founded in 2023 as a subsidiary of the Cronimet Group. Revomet Bitterfeld GmbH operates “one of Europe’s most advanced facilities for recycling of battery scrap from the battery industry” in the Bitterfeld-Wolfen Chemical Park.

Now, the partners aim to create a closed-loop battery value chain, ensuring that valuable materials such as nickel, cobalt and lithium are not lost. They plan to use Revomet’s recycling technologies and process expertise, combined with CNGR’s market position and experience in manufacturing active cathode materials, “as well as a worldwide network in the battery industry.” Cronimet will also be involved as Revomet’s parent company, contributing its network, steel recycling capabilities, and an extensive logistics and collection network across Europe.

“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,” explained Dr. Filipe Costa, Managing Director of revomet GmbH.

“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,” added Jürgen Pilarsky, CEO and shareholder of the CRONIMET Group.

According to the partners, this marks one of the first of its kind of cooperations between a German and a Chinese company; however, CNGR has shown international ambitions before with a battery materials factory in Morocco, which the company announced in 2023 and completed just a few months ago. A deal was also made to support the Posco Group in 2023 with the construction of two factories for the production of nickel and battery precursor materials in South Korea.

cronimet.de