XCharge North America and Grensol Group Partnership to Focus on a Sustainable Solution for Electric Vehicle Charging Materials

Rhea-AI Summary

XCharge North America and Grensol Group have announced a partnership focused on developing sustainable recycling solutions for Electric Vehicle Supply Equipment (EVSE) waste. The collaboration will address the challenge of recycling worn-down EV charging cables and modules, with XCharge NA providing broken EVSE materials to Grensol and Worcester Polytechnic Institute (WPI) for research. Grensol will utilize advanced metals recovery and photolysis technologies to process the waste into raw materials for new EVSEs, contributing to a circular economy. The research at WPI is being conducted under a collaborative agreement with the DEVCOM Army Research Laboratory.

Positive

• Partnership establishes a recycling program for EVSE materials, potentially reducing waste management costs
• Development of circular economy solution could create additional revenue stream from recycled materials
• Collaboration with academic institution (WPI) and Army Research Laboratory adds credibility to the initiative

Negative

• Short useful life of EVSE products indicates high replacement costs
• Current recycling process is in early development phase with unproven economic viability

News Market Reaction

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On the day this news was published, XCH declined 4.05%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Partnership aims to improve recycling solutions for EVSE supply chain waste

KYLE, Texas, Nov. 20, 2024 /PRNewswire/ -- XCharge North America (XCharge NA), a provider of DC fast charging and battery-integrated electric vehicle (EV) solutions, today announces its partnership with Grensol Group (Grensol). The collaboration aims to advance sustainable, electrified travel by addressing the pressing challenge of reducing the end-of-life waste associated with Electric Vehicle Supply Equipment (EVSE) — particularly, EV charging cables and modules.

XCharge NA will provide broken or worn-down EVSE to Grensol and WPI to develop an industrial recycling solution.

Effective immediately, XCharge NA will provide broken or worn-down EVSE materials to Grensol, and its research partner Worcester Polytechnic Institute (WPI), for the development of an industrial recycling solution for such equipment. Grensol will then use its advanced metals recovery and photolysis technologies, amongst other technologies also being studied, to process the waste and produce useful raw materials for a circular economy, including critical metals for new EVSEs. Grensol's research at WPI is being led by Prof. Brajendra Mishra and Dr. Akanksha Gupta and is being performed under a collaborative agreement between WPI and the DEVCOM Army Research Laboratory.

"EVSEs have a particularly short useful life due to constant wear and tear, so the need for a recyclable material solution is the driving force behind this partnership," said Rajiv Singhal of Grensol. "Partnering with XCharge NA will provide us and WPI with more materials and information for our development of breakthrough low-cost circular materials solutions for the future that keep resources onshore and materials in use for longer, while avoiding carbon emissions."

XCharge NA and Grensol discovered their shared interest in promoting sustainable solutions in the automotive industry while both being part of the Harvard Innovation Labs.

"This recycling-focused partnership will allow us to achieve an improved product lifecycle by promoting sustainable solutions," said Aatish Patel, Co-founder and President of XCharge North America, "We'll work with Grensol to determine the best mechanical, chemical and thermal recycling methods to create a continuous lifecycle for our charging materials and reducing our carbon footprint."

Looking into the future, this partnership aims to build on existing techniques, such as wire cutting, alkaline leaching, and steam cracking by integrating full unit recycling, a system for waste-reduction management of EV chargers. For now, the first components including charging cables and modules have been shipped from XCharge NA to Grensol and WPI for processing.

About Grensol Group

Grensol is a Swiss startup with a mission to maximize the recycling of end-of-life waste, including cars, while preventing the incineration and landfilling of recycling residues. The company aims to transform this waste into valuable low-emission raw materials such as hydrogen, carbon black, metals and glass, for a circular economy, contributing to a cleaner and more sustainable future.

About XCharge North America

XCharge North America specializes in high-power EV charging and battery-integrated solutions tailored for the North American electrical grid. With a focus on innovation and sustainability, XCharge North America is committed to advancing the future of electric mobility through cutting-edge technology and thoughtful design.

About XCharge
XCharge (NASDAQ: XCH), founded in 2015, is a global leader in integrated EV charging solutions. The Company offers comprehensive EV charging solutions, which primarily include the DC fast chargers, the advanced battery-integrated DC fast chargers, as well as its accompanying services. Through the combination of XCharge's proprietary charging technology, energy storage system technology and accompanying services, the Company enhances EV charging efficiency and unlocks the value of energy storage and management. Committed to providing innovative and efficient EV charging solutions, XCharge is actively working toward establishing a global green future that is critical to long-term growth and development.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

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SOURCE XCharge North America

FAQ

What is the purpose of XCharge NA and Grensol Group's partnership?

The partnership aims to develop sustainable recycling solutions for Electric Vehicle Supply Equipment (EVSE) waste, particularly focusing on recycling EV charging cables and modules.

How will Grensol process the EVSE waste materials?

Grensol will use advanced metals recovery and photolysis technologies to process the waste and produce raw materials for new EVSEs in a circular economy approach.

What technologies will be used in the EVSE recycling process?

The recycling process will utilize wire cutting, alkaline leaching, and steam cracking, with plans to integrate full unit recycling for EV chargers.

Which research institutions are involved in the EVSE recycling project?

Worcester Polytechnic Institute (WPI) is conducting the research in collaboration with DEVCOM Army Research Laboratory, led by Prof. Brajendra Mishra and Dr. Akanksha Gupta.