Franco-Italian automaker Stellantis (NYSE: STLA) and French nuclear fuels firm Orano have dropped their planned joint venture to recycle electric car batteries, both companies said on Wednesday.
The two companies had signed a memorandum of understanding last year. The JV was to help recycle used electric vehicle batteries and scrap materials from Stellantis gigafactories in Europe and North America, with production set to start in the first part of 2026.
“Stellantis and Orano will not finalize the intended joint venture for recycling end-of-life electric vehicle batteries and scrap,” the companies said, adding they are exploring other potential commercial relationships.
The deal would have given Stellantis (NYSE: STLA), the parent company of brands including Peugeot, Fiat, and Jeep, additional access to the cobalt, nickel, and lithium necessary for electrification and the energy transition.
(Source: ReutersReuters)
