On 5th September, Fortum Battery Recycling announced that it is receiving a grant of EUR4.5 million (USD4.8 million) from Business Finland for its battery recycling capacity expansion in Ikaalinen, Finland. According to Fortum, it will invest in a new type of mechanical shredder and related water and gas management equipment. With the new metal shredder, capacity at the Ikaalinen facility is expected to increase from 3,000 tonnes to 5,000 tonnes of EV batteries per year.
Fortum has built a closed loop for battery recycling in Europe 1
Finland-based recycling company, Fortum Battery Recycling is part of the Fortum portfolio. It currently has three facilities under operation in Europe. Besides the Ikaalinen facility, Fortum also has a pre-treatment facility in Kirchardt/Baden-Württemberg, Germany with a capacity of 3,000 tonnes per year. Black mass that is produced from these two facilities will be sent to its facility in Harjavalta, Finland. Fortum has developed the hydrometallurgical processing technology with a recovery rate of 95%. In July 2023, Fortum disclosed its plan to build a new pre-treatment facility in the industrial area of Artern, Thuringia, Germany. Fortum aims to reach a total capacity of 200,000 tonnes of batteries per year by 2030. It also plans to open two more post-treatment facilities and seven more facilities for mechanical processes in Europe in the long term.
More investments are flowing into the battery recycling sector in Europe 1
Recently more public funding from the government has been observed to go into the battery recycling sector in the Europe and US. Besides Fortum Battery Recycling, Ascend Elements and Redwood Materials also disclosed new funding for their battery recycling expansions.
On 6 September, Ascend Elements announced it raised USD542 million in its new equity investments. The new funding will be used for its Apex 1 facility construction in Hopkinsville, Kentucky. The facility will produce sustainable cathode precursor (pCAM) and cathode active material (CAM) from black mass.
On 5th September, Fortum Battery Recycling announced that it is receiving a grant of EUR4.5 million (USD4.8 million) from Business Finland for its battery recycling capacity expansion in Ikaalinen, Finland.
The project has been planned and prepared by the Ministry of New and Renewable Energy. A 12GWh BESS would make it by far India’s largest, and one of the larges announced projects globally. This comes in the wake of a federal funding launch for energy storage systems (ESS), and the unveiling of a national framework for the promotion of ESS. Additionally, a viability gap funding scheme has been introduced to help establish 4GWh of BESS by 2031.
This news follows on from Prime Minister Modi announcing a 7.5GW solar farm in Ladakh in 2020. It’s unclear if this is part of the 13GW project or in addition to it.s
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India fell short of its renewable targets in 2022, and therefore must accelerate growth in the sector to achieve its 2030 and 2050 targets. As of 2023, our analysis showed that…
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Sources: NarendraModi.in
