GEM signs MoU with Mercedes-Benz, CATL and Brunp on battery recycling project

A technician installs batteries onto a new energy vehicle at the production line of Kaiyi Auto in Sanjiang New Area of Yibin, southwest China's Sichuan Province, July 20, 2022. (Xinhua/Wang Xi)

GEM Co., Ltd (GEM, 002340.SZ) announced on Monday it recently signed a memorandum of understanding (MoU) with Mercedes-Benz, CATL and Brunp on building a battery recycling project, China Securities Journal reported. 

According to the MoU, decommissioned waste power batteries of Mercedes-Benz will be handed over to GEM and Brunp, and key raw materials such as nickel, cobalt, manganese and lithium recycled by GEM's advanced recycling technology will be resupplied to the supply chain of CATL and used in the production of Mercedes-Benz's new batteries.

All parties will carry out extensive and in-depth exploration and cooperation around battery recycling technology and recycling business model, said the GEM announcement.