SNAM, Europe's oldest recycler of lithium-ion and other batteries, has secured €10M in funding from German fund LHF with an option an additional €4M. The money will be used to expand the company's second life business, Phenix, which use retired EV batteries to build commercial and industrial energy storage systems.
The investment means that SNAM, which still has the Belgian conglomerate Floridienne as main owner with 57.6%, is valued to €40M pre-money, giving LHF a 20% share.
SNAM will invest €20M in a new factory located in Decazeville in Aveyron, where the company aims to employ 80 people by the end of 2022 for dismantling of EV packs and the design of new energy storage systems.
According to an interview with Les Echos, Phenix is selling the systems, standardised as 3kWh modules for use in racks mounted in containers, at a price 20-50% less expensive compared with new systems. The current factory in Viviez has a capacity of 3MWh. The new plant, which will be operational in the spring 2022 will have an annual capacity of 20 MWh. SNAM's total revenues, which also include recycling of lithium-ion, nickel cadmium, nickel metal hydride and alkaline batteries amounted in 2021 to €23M. The company employs 171 people.
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