Johnson Controls Buys 5 Percent Stake in Battery Recycling Company
Johnson Controls has finalized an agreement covering North America, China, and Europe for an electrochemical battery recycling technology. Under terms of the deal, the company is investing in Alameda, Calif.-based Aqua Metals. Under the agreement, Johnson Controls will become the first licensee for AquaRefining™ technology, supply Aqua Metals with batteries to recycle as a service as part of the Johnson Controls closed-loop network, purchase AquaRefined™ metals produced from Aqua Metals’ facilities, and for about $11 million acquire just under 5 percent of Aqua Metals’ outstanding shares.
“Agreements like this are a part of our continuing strategy to invest in clean technologies, building on our commitment to create a more sustainable and environmentally responsible industry,” said Joe Walicki, president of Johnson Controls Power Solutions.
“Our partnership with Johnson Controls is a tremendous step forward and is an opportunity for us to work with the global leader in automotive battery manufacturing and responsible recycling,” said Dr. Stephen Clarke, chairman and CEO of Aqua Metals. “We will build on this exciting relationship in order to enable clean and efficient battery recycling around the world.”
Aqua Metals recently opened its first plant in McCarran, Nevada. As it scales up capacity, Aqua Metals plans to hire hundreds of employees for existing and future operations across the United States. The company’s patent-pending AquaRefining™ technology is a room temperature, water-based process that is fundamentally non-polluting and recycles 99 percent of the lead from used lead-acid batteries.
Source: Environmental Protection Online