EQT, a global investment organization based in Stockholm, Sweden, through its EQT Infrastructure V fund, has made a $245 million minority investment in Cirba Solutions, a battery management and materials processor for end-of-life batteries and gigafactory manufacturing scrap.
The capital from EQT Infrastructure aims to drive Cirba Solutions’ North American battery management and materials footprint buildout and support its efforts to provide closed-loop end-of-life battery management services, including the recycling of materials to be used in the manufacturing of new lithium-ion batteries for electric vehicles. The investment will also support the expansion of an existing lithium-ion facility in Lancaster, Ohio. The Heritage Group will remain the majority owner of Cirba Solutions.
“We are excited to partner with both Cirba Solutions and the Heritage Group and we look forward to working together to continue building a sustainable footprint for North America’s lithium-ion battery supply chain,” says J.D. Vargas, managing director with EQT Infrastructure’s advisory team.