Stellantis on Tuesday announced plans to establish a joint venture with French nuclear fuels company Orano with the aim to recycle used electric vehicle batteries and scrap materials from its gigafactories across Europe and North America.
Such a venture is expected to ensure additional access for the auto maker to the cobalt, nickel and lithium it requires for electrification and energy transition purposes.
Orano’s technology allows for the recovery of all materials used in lithium-ion batteries and the manufacturing of new cathode materials, Stellantis said.
With the joint venture, the companies will produce materials known as “black mass” or “active mass”, which could be refined in Orano’s new facility in Dunkirk, France, in order to be re-used in batteries.
The companies, however, did not disclose any financial details.
The shares of Stellantis NV (STLAM) were last retreating 0.46% (EUR 0.082) to trade at EUR 17.644 in Milan on Wednesday, as they extended the loss from the prior market session.
The auto maker’s total market cap now stands at EUR 54.959 billion.
The shares of Stellantis NV (STLAM) went down 20.51% in 2022, compared with a 13.31% loss for the benchmark index, FTSE MIB (FTMIB).
The shares have risen 33.02% so far this year.
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