Mitsubishi Materials, which entered the lithium-ion battery recycling field in 2018 and operates a 500t/annum plant in Omiya in Japan has formed a joint venture with the energy storage system developer Connexx Systems. Connexx Systems has developed ESS based on novel proprietary technologies of which one allow them to use batteries with different chemistries such as lithium-ion and lead-acid batteries.
The goal for the JV is to establish a system in which EV batteries first are assessed for reuse in the systems developed by Connexx Systems. Batteries not fit for purpose will be recycled by Mitsubishi and so will the batteries used in Connexx Systems' products after they have reached end of life.
The initial cash injection of 100 million yen (1 million USD) is made by a joint investment fund owned by Mitsubishi and Nippon Material Giken Co. It's not a huge amount of money but should most probably be seen in the light of the fairly low volumes of EV batteries in Japan.
Press release from Mitsubishi