GEM Co., Ltd. (002340.SZ) signed a memorandum of understanding for cooperation with the US company ASCEND ELEMENTS to jointly explore battery recycling and material cooperation in Europe.

GEM Co., Ltd. (002340.SZ) announced that the company ("GEM") has signed a Memorandum of Understanding ("MOU") with the U.S.-based lithium battery recycling company ASCEND ELEMENTS, INC. ("AE"). The two parties have decided to combine their advantages in terms of geographical location, resources, capital, technology, and operational management to build a leading lithium battery recycling industry system in Europe. This includes collaborating on building a leading lithium battery recycling system, dismantling and black powder manufacturing system, lithium-nickel-cobalt resource recycling and battery material re-manufacturing industry system in Europe to serve the development of the entire new energy lifecycle value chain in Europe. They will also actively explore the possibility of cooperation in promoting lithium-ion battery recycling and engineering battery material production in the United States to promote the implementation of global battery passports and the green development of new energy.