Bordentown-based Princeton NuEnergy Inc. recently entered into a Memorandum of Agreement with Traxys North America LLC, a global physical commodities trader and merchant in battery-critical raw materials, metals and natural resources.
Under the MOA, Traxys will support PNE in its mission to deliver cost-effective, sustainable lithium-ion battery recycling solutions through sourcing, marketing and distribution, financing and logistical solutions, and global funding strategies. Traxys expects to participate in PNE’s current Series A round.
Peng Zhao, chief operating officer 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 with a lower carbon emission footprint and a more economical process. The Traxys team is delighted to enter this partnership,” Kevin Smith, managing director of Traxys, stated.