BASF, Fortum, Nornickel agree to plan battery recycling hub

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FRANKFURT (Reuters) - Germany's BASF BASFn.DE, Finland's Fortum FORTUM.HE and Russia's Nornickel GMKN.MM on Friday said they signed an agreement to map out a battery recycling cluster in Finland to cater the electric vehicle market.

“By recycling valuable metals in lithium-ion batteries we reduce the environmental impact of electric car batteries by complementing the supply of cobalt, nickel and other critical metals from primary sources,” Fortum executive Tero Hollaender said.

He added that Fortum was able to raise the recovery rate of valuable materials in lithium-ion batteries, a key component of electric vehicles, to more than 80% from 50%.

Reporting by Christoph Steitz; Editing by Riham Alkousaa