Cenntro and Pri electrical group

Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or the “Company”), a global leader in electric vehicle (“EV”) technology with advanced, market-proven electric utility vehicles, and Princeton NuEnergy , Inc. (“PNE”), an emerging and growing company primarily engaged in the regeneration of lithium-ion battery (“LIB”) battery materials, today announced a letter of intent for a strategic partnership for battery charging. supplying used lithium-ion batteries for recycled cathode materials and by-products with Cenntro.

The intent of the partnership is to drive end-to-end sustainability in the electric vehicle sector using advanced lithium-ion battery-powered vehicles and PNE recycling technology to achieve net-zero emissions.

Cathode choice is an important factor in determining battery energy density, with cathode materials typically accounting for more than half the cost of lithium-ion batteries, according to BloombergNEF. PNE’s innovative direct battery recycling processes, Cathode-to-Cathode™ and Anode-to-Anode™, can significantly reduce recycling costs. Overall, the PNE recycling process can be 44% less expensive than mined raw materials and 39% less expensive than traditional hydrometallurgical processes. Additionally, PNE’s processes recover more than 95% of the critical elements from used lithium-ion batteries, while emitting 70% less CO2 and using 73% less energy compared to traditional technologies.

We are excited to partner with Cenntro to create a closed-loop supply chain by recovering, recycling and reclaiming battery-grade materials from end-of-life batteries,” said Dr. Chao Yan, Founder of PNE. “This strategic partnership brings a new element to the sustainability story as a manufacturer of energy-efficient and carbon-reducing technologies. We look forward to creating end-to-end sustainable solutions that will help us improve technological innovation in battery recycling and create real impact.

It is essential for our industry to recycle effectively in order to solve the persistent shortages of essential raw materials and reduce the industry’s reliance on environmentally intensive mining for battery development,” said Peter Wang, President. – CEO of Cenntro. Our partnership with PNE will serve as the foundation to encourage the establishment of efficient, safe and sustainable recovery pathways for end-of-life electric vehicle batteries.

About Princeton NuEnergy

Princeton NuEnergy is a clean technology start-up that provides innovative and sustainable energy and environmental solutions. The company is currently focused on the direct recycling of lithium-ion batteries from electric vehicles and consumer electronics. Patented “Cathode-to-Cathode™” low-temperature plasma technology capable of reducing costs by half and CO2 emissions by more than 70% compared to traditional technologies. For more information, visit www.pnecycle.com.

About Cenntro Electric Group Ltd.

Centro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric light and medium commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of municipal services, last mile delivery and other commercial applications. Cenntro plans to lead the transformation of the automotive industry through scalable, decentralized manufacturing, distributed manufacturing and intelligent driving solutions empowered by the Cenntro iChassis™. As of December 31, 2021, Cenntro has sold or put into service more than 3,700 vehicles in more than 25 countries in North America, Europe and Asia. For more information about the company, please visit www.cenntroauto.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220614005294/en/

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