Fortum Oyj is acquiring 100% shareholding in CrisolteQ Oy, a Finnish specialist in recycling of valuable metals in lithium-ion batteries, for an undisclosed price.

The acquisition will strengthen Fortum's position in the recycling of high-value materials within Europe and will support its existing battery business, according to a Jan. 16 release.

CrisolteQ has a hydrometallurgical recycling process that enables a recycling rate of more than 80% for lithium-ion batteries, compared to the current recycling rate of about 50%.

Materials such as cobalt, manganese and nickel are recovered from the batteries, and delivered to a battery manufacturer to be used for the production of new batteries.

"The recycling of valuable metals decreases the environmental load of electric vehicle batteries by reducing the need to excavate valuable metals," said Kalle Saarimaa, Fortum vice president of recycling and waste.

CrisolteQ has an industrial-scale hydrometallurgical recycling facility, along with a production plant, as well as research and development activities, in Finland.