Glencore Partners with Britishvolt for Battery Recycling

Glencore PLC (GLCNF) has inked a joint venture with Britishvolt. The two are joining forces to develop an ecosystem focused on battery recycling in the U.K.

Glencore is a commodities trader dealing in metals and minerals, energy products, and agricultural goods. It also operates a marketing business that deals in logistics, transportation, and storage.

Battery Recycling

The ecosystem where the batteries are to be recycled is located in Glencore’s Britannia Refined Metals facility in Northfleet. The facility will be up and running by 2023 and will be 100% powered by renewable energy.

Once complete, the plant will result in the creation of new jobs. The proposed battery recycling plant will have a processing capacity of 10,000 tonnes of lithium-ion batteries per year. It will also leverage Glencore’s recycling experience across an array of end-of-life materials.

The Glencore and Britishvolt plant will process battery manufacturing scrap and portable electronic batteries. It will also handle full EV packs while developing other recycling activities such as black mass refining into battery-grade raw materials.

Analysts’ Take

Societe Generale analyst Sergey Donskoy recently reiterated a Buy rating on Glencore stock with a price target of $6.38. Donskoy’s price target suggests 18.07% upside potential.

Consensus among analysts is a Strong Buy based on 10 Buys and 1 Hold. The average Glencore price target of $6.10 implies 12.96% upside potential to current levels.

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