BORDENTOWN, N.J. – Groundbreaking deal supports PNE’s sustainable battery technology and affirms Traxys’ position as a leader in driving forward the battery recycling industry.
Princeton NuEnergy Inc. (PNE), a U.S-based innovative clean-tech startup focused on recycling, repurposing, and commercializing lithium-ion batteries (LIBs) materials from electric vehicles, consumer electronics, manufacturing scrap, and energy storage batteries, is delighted to announce that it has entered into a Memorandum of Agreement (MOA) with Traxys North America LLC, a leading global physical commodities trader and merchant in battery-critical raw materials, metals and natural resources.
Under the MOA, Traxys will actively support PNE in its mission to deliver cost-effective, sustainable LIB recycling solutions. Traxys will help the company with sourcing, marketing, and distribution, financing and logistical solutions, and global funding strategies and expects to participate in PNE’s current Series A round.
Peng Zhao, COO of PNE, stated, “We truly value Traxys’ role as a market leader in the EV battery supply chain. Our cutting-edge technology, coupled with their longstanding credibility in the market, will allow us to capture market share in the industry. Partnering with Traxys is a huge validation for myself and the PNE team. The team at Traxys has their ear to the ground on all aspects of the EV industry, which will help us to navigate and prepare our future growth strategy.”
“We have been predicting for several years that the EV sector would grow significantly, and we have been firmly committed to serving the needs of this market. PNE and their team fill a significant void in the EV battery ecosystem. Their technology has the potential to be game-changing, allowing for the production of direct precursor battery cathode-active materials (CAM) with a lower carbon emission footprint and a more economical process. The Traxys team is delighted to enter this partnership,” said Kevin Smith, Managing Director of Traxys.