Charlotte, NC, Dec. 15, 2022 — Cirba Solutions, the largest and most comprehensive battery management and materials processor for end-of-life batteries and gigafactory manufacturing scrap, has received a $245 million minority investment from the EQT Infrastructure V fund (“EQT Infrastructure”). The Heritage Group, a fourth-generation family-owned business managing a diverse portfolio of companies focused on a safer, more enriching, and sustainable world, will remain the majority owner of Cirba Solutions.

In addition to this investment from EQT Infrastructure, Cirba Solutions has also secured over $82 million from two recent Department of Energy grants from the Bipartisan Infrastructure Law, which will expedite the closed loop EV battery recycling supply chain through Cirba Solutions’ processing facilities. This investment from EQT Infrastructure will accelerate Cirba Solutions’ North American battery management and materials footprint buildout and support its efforts to provide closed loop end-of-life battery management solutions, including the recycling of critical materials to be used in the manufacturing of new lithium-ion batteries for electric vehicles.

“This is a highly thematic investment for EQT given Cirba Solutions’ essential service offering and the critical role the company plays as part of US energy transition infrastructure,” says JD Vargas, Managing Director within EQT Infrastructure’s Advisory Team. “This investment will be made through EQT Infrastructure’s environmental services platform, which today includes Covanta, a leading sustainable materials manager. The development of lithium-ion recycling capacity in North America is a core theme for EQT’s environmental services sector coverage. 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.”

Cirba Solutions has been a pioneer in lithium-ion battery recycling and has built a profitable business by processing end-of-life batteries with a positive impact on the manufacturing supply chain for decades. With a wide-range of OEM contracts and the flexibility for supporting manufacturing scrap as well as end-of-life batteries, Cirba Solutions is strategically opening new facilities throughout North America.

The new investment from EQT Infrastructure will support the expansion of an existing lithium-ion facility in Lancaster, Ohio that should generate enough recycled battery material to power 200,000 EVs annually when complete. Additionally, Cirba Solutions has announced a new lithium-ion processing site in Eloy, AZ and expects to announce future processing locations that will further enhance the broad battery collection and processing network that Cirba Solutions has already established. Cirba Solutions expects to invest over $1 billion into the market over the next 10 years to continue its leadership and be the largest and most comprehensive battery recycling company in North America.

“We are proud to have EQT, an organization focused on investing in strategic growth businesses, partner with our company to support the circular battery supply chain. Through our vertical integration and decades of experience in building our collections and logistics network, we are exponentially expanding our footprint to advance the electrification movement in North America,” says David Klanecky, President and CEO of Cirba Solutions.

Cirba Solutions’ technology roadmap has led the battery recycling industry for 30+ years and current expansion demonstrates its ability to support the needs of customers today while focusing on the goals of tomorrow.

Nomura Greentech acted as exclusive financial advisor to Cirba Solutions, and Kirkland and Ellis acted as legal counsel. Simpson Thacher & Bartlett acted as legal counsel for EQT Infrastructure.