Iveco Group (EXM: IVG) has announced BASF (FWB: BAS) as its first partner in providing a solution for recycling lithium-ion batteries used in the group’s electric vehicles. This decision is part of Iveco Group’s circular economy strategy, which is based on the 4R Framework – Repair, Refurbishment, Reuse, and Recycling – to increase battery durability and reduce their environmental impact.
BASF, a leading global chemical company and the largest supplier of chemicals to the automotive industry, recently opened Europe’s first joint center for battery material production and battery recycling in Germany. They will organize and manage the entire process of recycling lithium-ion batteries used in Iveco Group’s commercial vehicles, buses, and trucks. The agreement includes collection, packaging, transportation, and battery recycling in various European countries, including France, Germany, and the United Kingdom. After collection, BASF will mechanically process the batteries into black mass, from which key resources such as nickel, cobalt, and lithium can be recovered for the production of new batteries. In this way, BASF will create a complete battery recycling value chain in Europe to locally supply low-carbon footprint recovered metals to the battery industry.
“Collaborating with Iveco Group is our first agreement for battery recycling in commercial vehicles, electric buses, and trucks, which is an important step for the development of our battery recycling business segment. It will allow us to further strengthen our collection network in Europe and continue the progress in this growing market. Our recycling solutions aim to support the European market in closing the loop and meeting ambitious EU requirements for a circular economy,” said Dr. Daniel Schönfelder, President of BASF’s Catalysts Division, who is also responsible for battery materials and battery recycling business at the company.
This partnership paves the way for a sustainable future of electric vehicle batteries, including awareness of the importance of recycling and manufacturers’ responsibility for the entire lifecycle of their products. It is another step towards achieving goals related to a circular economy and carbon neutrality in the transportation sector.
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