(MENAFN- Baystreet.ca)
General Motors Invests In Quebec Battery Recycling Company
American automotive giant General Motors (GM) is taking a stake in privately held Quebec
battery recycling company Lithion.
GM Ventures is investing in Lithion's series-A funding round. However, the exact amount of the
investment was not disclosed.
The two companies say the deal creates a strategic partnership agreement between them.
Specifically, GM and Lithion say their collaboration will focus on the validation of Lithion's
recovered battery materials for use in the production of new batteries. The two companies will
also conduct research and development on recycling processes and battery design.
Based in Anjou, Quebec, Lithion is developing ways to recover materials from used lithium-ion
batteries that power electric vehicles.
General Motors' stock is down 39% this year and trading at $37.38 U.S. per share.
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