General Motors (NYSE: GM), the automobile major announced on Thursday that its investment arm, GM Ventures had made a strategic investment in Lithion’s Series A financing round.
Lithion has developed a cost-effective process to recover strategic materials from the industrial waste of lithium-ion batteries.
GM’s strategic investment and a partnership agreement with Lithion will look at the recovery of battery materials to be used in the production of new batteries and the potential for the acquisition of battery materials.
GM and Lithion will also jointly invest in “research and development for both recycling processes and recyclability of future battery design.”
Jeff Morrison, GM Vice President, Global Purchasing and Supply Chain stated, “GM is aggressively scaling battery cell and EV production in North America to reach our target of more than 1 million units of annual capacity by 2025, and we plan to eliminate tailpipe emissions from all our new light-duty vehicles by 2035 – so we are building a supply chain and recycling strategy that can grow with us.”
Morrison added that using Lithion’s technology, GM perceives “the opportunity to recover and reuse raw material in our Ultium battery packs, making the EVs we produce even more sustainable and helping drive down costs.”