SYNETIQ signs new EV recycling collaboration deal
Vehicle salvage experts SYNETIQ has announced a new EV recycling collaboration with advanced metals recycling company Cyclic Materials.
As part of the deal, SYNETIQ, an IAA company, will provide Cyclic Materials with drive motors in hybrid and electric vehicles, as well as auxiliary motors from in all vehicles.
North America-based Cyclic Materials is an industry leader developing technologies that are capable of economically, sustainably and domestically transforming end-of-life (EOL) products into valuable raw materials.
Michael Hill, commercial director of SYNETIQ, said:
“We are excited to announce SYNETIQ’s new collaboration with Cyclic Materials. At the core of our circular model, this agreement exemplifies our commitment to sustainability, innovation, and responsible practices.”
EV recycling collaboration
Patrick Nee, senior vice president of strategic partnerships and co-founder of Cyclic Materials, added: “This relationship marks Cyclic Materials’ first overseas feedstock contract, a significant milestone as we continue to expand our business from North America across Europe in the months ahead.
“Partnering with SYNETIQ was a clear decision, as both companies are committed to circular alternatives, specifically for electric motors. This agreement represents a notable step forward in our mission to advance sustainable solutions for rare earth recycling to drive the circular economy forward across the globe. Together, we are committed to accelerating industry-wide change in how electric motors are recycled.”
