Silicon anode materials developer NEO Battery Materials Ltd (TSXV: NBM) is exploring the establishment of a joint venture with Lotus Energy Recycling focused on recycling end-of-life solar photovoltaic (PV) cells and panels.
The aim is to recover high-purity silicon and other materials that can be utilized in lithium-ion battery materials and cell production.
The two companies have signed a non-binding letter of intent (LOI) to combine Lotus' proprietary recycling expertise with NEO's capabilities in silicon anode manufacturing, as stated in a press release.
The proposed venture will operate in Canada, where it will collect, dismantle, and recycle end-of-life PV cells and solar panels.
The collaboration stems from a previous agreement between NEO and Lotus to develop a silicon anode product for direct marketing to battery cell, electronics, and automotive manufacturers.
Lotus Energy, based in Australia, opened its recycling facility in Melbourne in September 2020 and aims to reach a recycling capacity of 3,600 kilograms (7,936 lbs) per year by the end of 2024, with plans for future expansion to 120,000 kilograms annually.
