Cirba Solutions Secures Additional Investment from Marubeni to Expand Circular EV Battery Materials Supply Chain
Marubeni invests $50 million in Cirba Solutions to expand its superior battery materials operational footprint supporting a circular EV supply chain.
CHARLOTTE, N.C., Feb. 9, 2023 /CNW/ -- Cirba Solutions, the largest and most comprehensive battery management and materials processor for end-of-life batteries and gigafactory manufacturing scrap, today announced a $50 million minority investment from the Marubeni Corporation ("Marubeni"). This investment further supports Cirba Solutions' ongoing efforts to rapidly expand its operational footprint addressing the needs of the market to create a sustainable closed loop battery materials supply chain.
With Marubeni's expansive global network and strong strategic presence in the Asia-Pacific market with major suppliers in the EV industry, this investment supports the need to provide more sustainable solutions for end-of-life batteries and manufacturing scrap that help reduce environmental impact while closing the supply gap of needed critical materials for electric vehicles.
"We are pleased to announce this additional investment as we continue to expand our Metals & Mineral Resources Division with a focus on sustainability and a circular supply chain for batteries." Says Manabe Kazui, Assistant General Manager of the Metals & Mineral Resources Division at Marubeni Corporation. "Cirba Solutions' extensive knowledge and expertise in battery materials, strategic roadmap for growth and commitment to helping future generations through its operations make it an ideal partner to service and supply the growing electrification sector."
While gigafactory production scrap is expected to be the majority feedstock for black mass over the next decade, end-of-life electric vehicle batteries will continue to become a larger source of recyclable materials. Cirba Solutions' vertical integrated approach and coast-to-coast coverage positions it to support national collection programs and regionalized manufacturing needs for recovering these critical materials. With six strategically located active operational facilities, and a seventh estimated to open at the end of 2023 in Arizona, Cirba Solutions is the premier partner to manufacturers looking for a closed loop approach.
"Having Marubeni as a partner on our journey is of great strategic value" says David Klanecky, President & CEO of Cirba Solutions. "They are engaged in various businesses across the supply chain in the lithium-ion battery market from materials supply to logistical coordination, and we are excited to partner with them supporting that market and share the vision for a circular economy."
This most recent strategic investment in Cirba Solutions further augments the previously announced $245 million investment from EQT Instructure and the over $82 million from two recent Department of Energy grants from the Bipartisan Infrastructure Law.
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SOURCE Cirba Solutions