Fortum supports its battery business with the acquisition of Crisolteq

Fortum supports its battery business with the acquisition of Crisolteq

(PRESS RELEASE) ESPOO, 17-Jan-2020 — /EuropaWire/ — Fortum strengthens its position in the recycling of high value materials in Europe with the acquisition of 100 percent shareholding in Crisolteq, a Finnish specialist in recycling valuable metals in lithium-ion batteries. This investment is also in line with Fortum’s existing battery business.

Crisolteq’s unique recycling technique is based on the combination of known hydrometallurgical processes with novel technologies. The result is a recycling rate of more than 80% for lithium-ion batteries as compared to the current recycling rate of about 50%. Valuable metals like cobalt, manganese, and nickel are recovered from the batteries during the hydrometallurgical process. These valuable metals are then delivered to a manufacturer to again be used to make new batteries.

During its last fiscal year, Crisolteq sales amounted to EUR 2.1 million. Crisolteq was founded in 2005 and currently has 23 employees. Financial details of the transaction are not disclosed.

Kalle Saarimaa, Vice President, Recycling and Waste, Fortum explained: “The electrification of our society will significantly increase the demand for batteries in the future. We strongly believe in the hydrometallurgical process developed by Crisolteq. We see a very promising future for the technology and see it as an important part of our recycling business. The recycling of valuable metals decreases the environmental load of EV batteries by reducing the need to excavate valuable metals.”

Crisolteq’s industrial-scale hydrometallurgical recycling facility is in Harjavalta, Finland. The company also has a production plant in Tornio, and research and development activities in Raisio.

For more information, please contact:

Kalle Saarimaa
Vice President, Recycling & Waste
tel. +358 41 503 1337

SOURCE: Fortum


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