Acquisition of CrisolteQ by Fortum

• Fortum Corp is going to acquire 100% of the shares in Finland-based growing firm CrisolteQ Qy, specializing in hydrometallurgical recycling of lithium-ion batts.

The price of the deal has not been disclosed. CrisolteQ’s sales over the last financial year constituted €2.1mn. The company has 23 employees. 

Finland’s recycler has created an exclusive technology enabling 80% LIB recycling rate, which is 30% higher than that of conventional ways of recycling. The tech allows recovering such valuable metals as nickel, manganese and cobalt that can be further utilized for manufacturing new batts.

CrisolteQ Qy owns a few Finland-based facilities, including R&D center in the southwestern town of Raisio, manufacturing fab in Lapland’s city of Tornio, and large-scale recycling factory in Harjavalta (Satakunta region).

Last month, Fortum Corporation signed an agreement with CSEIP, according to which the funds advised by CSEIP acquire 80% ownership in the utility company’s wind power portfolio in the Nordics. The remaining share will still be owned by Fortum. The latter will also remain a construction and asset manager of the projects.