Princeton NuEnergy announces strategic partnership with Wistron GreenTech and eTak Worldwide on a sustainable direct recycling solution for Lithium-ion Battery and Kickoff Pilot Project
BORDENTOWN, N.J., Sept. 29, 2021 /PRNewswire/ -- Princeton NuEnergy, Inc., an emerging growth company primarily engaged in the regeneration of Lithium-Ion Battery (LIB) material, announced today its partnership with Wistron GreenTech and eTak Worldwide. The partnership aims to democratize direct recycling of Lithium-ion batteries with reduced energy consumption, CO2 emissions and operational costs. The joint pilot project kicked off in 2021 summer which aims to provide a standardized and reliable route for direct recycling and to repurpose lithium-ion batteries at scale.
According to Verified Market Research, the global LIB Market was valued at USD 36.35 Billion in 2019 and is projected to reach USD 115.98 Billion by 2027, growing at a CAGR of 15.6% from 2020 to 2027. The primary drivers of this market are the increasing demand for electrification of consumer products and industrial equipment, and cleaner mobile energy. LIBs have been used extensively in electric vehicles (EVs) and grid energy storage because of their high energy density and high-power capability. The surging order of LIBs will result in an exponential increase in demand for recycling, which is essential to recover critical metals such as lithium, nickel, and cobalt, reducing the carbon footprint of battery powered electronics and electric vehicles.
Princeton NuEnergy has developed a cost-effective, environmentally-friendly technology for directly recycling aged LIBs and regenerating the battery materials for reuse in building new batteries, super capacitors, portable consumer electronics, and EVs. Regeneration of battery materials occurs directly without requiring complete breakdown of the chemical compounds, creating an attractive path for significantly reducing battery production costs and CO2 emissions.
Princeton NuEnergy (PNE), Wistron GreenTech, and eTak will jointly invest and develop a pilot production line for the direct recycling of the various types of LIB at the Texas facility from 2021 summer. Dr. Yan Chao, Chief Executive Officer of the Company, commented, "We are very excited to be collaborating with Wistron GreenTech and eTak in delivering an efficient battery recycling solution to the American market. PNE's direct recycling technology is a good fit with Wistron and eTak' s expertise in the battery recycle market. This partnership and pilot project strengthens our position in the development of a sustainable LIB battery value chain."
Wistron GreenTech is a subsidiary of Wistron Corporation, a Fortune Global 500 member, and an industry leader in electronics recycling services. Jerry Wang, the General Manager, commented, "Wistron GreenTech is thrilled to expand our closed-loop battery recycling strategy by collaborating with Princeton NuEnergy and eTak Worldwide. Recycling of LIBs is a principal part of the Wistron supply chain and fulfillment of the carbon footprint reduction commitment, so it's vital that we approach this strategic direction."
"This partnership is an essential initiative for the eTak recycle business sector," said Richard Lee, the COO of eTak Worldwide. Mr. Lee continued, "We are excited to launch our joint pilot project with cutting-edge technology from Princeton NuEnergy, to solve the current Lithium-ion battery recycling challenges." eTak is an electronics recycling leader in the US market which provides customized electronic recycling service.
About Princeton NuEnergy
Headquartered in Bordentown, NJ, Princeton NuEnergy is an innovative clean-tech startup company derived from Princeton University in 2019 with over 20 years of battery recycling research and development experience. PNE successfully revolutionizes the material supply chain with its patented Direct Battery Recycling technology to produce high-quality and high value-added cathode active materials with low operating cost from spent lithium-ion batteries and delivers sustainable energy and environmental solutions. The enormousness of the impending spent battery situation drives PNE to commercialize its cost-effective, environmentally sustainable technology to step into recycling the vast stockpile of Lithium-ion batteries looming on the horizon. For more information, please visit https://www.pnecycle.com/.
About Wistron GreenTech
Headquartered in McKinney, TX, Wistron GreenTech provides complete recycling services, including asset recovery and complete recycling of printed circuit boards, displays, plastics, batteries, and metals from various retired electronic devices. As a subsidiary of Wistron Corporation, a Fortune Global 500 member, Wistron GreenTech provides services that maximize the value of clients' assets, preserve the environment and employee health/safety and generate recycled materials that are reused in the production of new products rather than being discarded and land filled as waste. For more information, please visit http://greentx.wistron.com/en-global/Home/index.
About eTak Worldwide
ETak worldwide is an electronics recycling company located in Grand Prairie, TX, specializing in IT solutions and focuses on on-site dismantling. The company's mission is to provide customized electronic recycling services and IT solutions with a reliable, secure, and environmentally friendly recycling process. Integrating with their global procurement platform, supply chain solutions, asset recovery programs, eTak's purpose is to "Make the World Greener" by providing customers with a reliable, secure, environmentally responsible, and affordable electronic recycling service. For more information, please visit: https://www.etakworldwide.com/
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
Company Contact
Dr. Yan Chao, CEO
Princeton NuEnergy
Phone: +1(973)-818-3428
Email: [email protected]
Eric Huang, BD Director
Wistron GreenTech (Texas) Corp.
Phone: 469-528-4122
Email: [email protected]
Richard Lee, COO
eTak Worldwide Corp.
Phone: 469-499-3299
Email: [email protected]
SOURCE Princeton NuEnergy
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