PESTECH, Singapore firm to explore collaboration in battery recycling activities
KUALA LUMPUR (Jan 13): PESTECH International Bhd has teamed up with Singapore-based Green Li-Ion Pte Ltd to explore the possibility of collaborating in lithium-ion battery recycling activities and businesses in Malaysia and Cambodia.
In a bourse filing on Thursday, the integrated electrical power technology company said it has entered into a memorandum of understanding (MoU) with Green Li-Ion on the proposed collaboration. Green Li-Ion has developed a patented multi-cathode processor called GLMC-1, which recycles spent lithium-ion batteries directly into 99.9% pure cathodes, speeding up the current recycling process at a lower cost.
"Under the MoU, PESTECH will conduct the necessary due diligence on the technical and financial viability of the GLMC-1 LION Batteries recycling solutions, and if found feasible, proceed further with the execution of an exclusive affirmative collaboration agreement for the region with Green Li-Ion for the establishment of a lithium-ion battery recycling facility," it added.
The MoU will remain in effect for one year from now.
"The MoU will have no material effect on the group's earnings, revenue and net assets per share for the financial year ending June 30, 2022 but is expected to contribute positively to its future earnings if the collaboration between the parties is successful," said PESTECH.
PESTECH shares closed down 0.5 sen or 0.66% to 75.5 sen on Thursday with 1.57 million shares done. It has a market capitalisation of RM716.56 million.
Edited by Kang Siew Li