EQS Newswire / 08/03/2023 / 14:28 UTC+8
TES and Durapower to Collaborate on Lifecycle Management of Electric Vehicle Batteries
Leading innovator of lithium-ion cell technology Durapower partners with recycling leader TES to help achieve optimal outcomes for second-life deployment and end-of-life management of lithium-ion batteries
SINGAPORE / ACCESSWIRE / March 8, 2023 / Global IT asset and battery recycling company TES has signed a Memorandum of Understanding (MoU) with Durapower Holdings Pte Ltd to collaborate on lithium-ion battery recycling and repurposing opportunities.
Headquartered in Singapore, Durapower offers end-to-end energy storage solutions for electric mobility and renewable energy applications, including on- and off-road electric, hybrid, and plug-in hybrid electric vehicles (EVs), electric marine vessels, as well as stationary energy storage solutions (ESS).
Durapower is responsible for the design, manufacturing, supply, and commissioning of high-powered, high-performance lithium battery systems for PSA Singapore’s Tuas Port’s automated guided vehicle (AGV) fleet. A key component of what will be the world’s first fully automated and digitalized port is the use of AGVs to optimize the operational flow of containers between the wharf and the yard. Cutting emissions by almost half, the electric AGV fleet is also key in helping Tuas Port reduce carbon emissions.
The MoU was forged because the two companies intend to establish a business alliance to extend the value and lower the total cost of ownership (TCO) of Durapower battery packs by repurposing them for second-life use, as well as ensuring efficient recycling at end-of-life to ensure materials can be reused in the battery raw material supply chain.
This business arrangement means TES and Durapower will partner to develop second-life projects, and TES will provide lithium-ion battery recycling services for Durapower’s international customers and their EV fleets.
Other aspects of the MoU involve further collaboration with Singapore-based GenPlus Pte Ltd (www.genplus-energy.com) that could strengthen the MoU partners’ positioning and capabilities in the stationary energy storage markets in both Asia and Europe by leveraging Durapower’s production facilities, as well as GenPlus’ bespoke system integration for international projects.
“Durapower is excited to partner with TES in support of the circular economy. We share joint values on moving the needle on sustainability and climate change by maximizing the circularity of materials to reduce the demand for primary resources,” says Kelvin Lim, Chief Executive Officer of Durapower Group. “TES has proven itself to be eminently qualified in sustainable electrical and technological asset recycling, repurposing, retirement, and lifecycle management, and we look forward to closing collaboration.”
John Oh, Chief Strategy Officer of TES Singapore, comments, “We are pleased and honored to have been chosen by Durapower as its end-of-life battery partner. It is a testament to the outstanding work performed daily by the staff at TES that companies like Durapower trust us to handle their end-of-life batteries responsibly.”
For more information about TES, visit https://www.tes-amm.com/.
About Durapower Group (www.durapowergroup.com)
Headquartered in Singapore, Durapower offers closed-loop, end-to-end energy storage solutions for electric mobility and renewable energy applications, including on- and off-road, hybrid, and plug-in hybrid electric vehicles, electric marine vehicle vessels, and stationary energy storage solutions. Since 2009, Durapower has been a leading innovator of lithium-ion cell technology, focusing on the research and development of battery materials, battery cell manufacturing, and system integration. With a global presence spanning 23 countries and 48 cities, including European countries, China, India, and Southeast Asia, Durapower Group strives to make scalable, sustainable batteries that support the circular economy, empowering lives and transforming the future toward a carbon-neutral economy.
File: TES and Durapower to Collaborate on Lifecycle Management of Electric Vehicle Batteries
08/03/2023 Dissemination of a Financial Press Release, transmitted by EQS News.
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