Mitsui to Inject Funds into Lithium-Ion Battery Recycling Facility in Japan

Mitsui & Co., Ltd. ("Mitsui", headquartered in Tokyo, led by President and CEO Kenichi Hori) has reached an agreement to establish a new joint venture focused on lithium-ion battery recycling, partnering with VOLTA INC. ("VOLTA", headquartered in Fujinomiya City, Shizuoka Prefecture, Japan, led by President Kenta Imai) and Miracle Eternal PTE LTD. ("Miracle Eternal", headquartered in Singapore, under the direction of Director Hua Runjie).

In May 2024, the newly formed joint venture, J-Cycle Inc., was established with plans to start operations at a battery recycling facility in Ibaraki Prefecture, Japan, by September of the same year, pending required permits and approvals. J-Cycle Inc. aims to manufacture and distribute black mass* derived from spent batteries and scrap generated during battery production. This initiative harnesses Mitsui's extensive experience in battery-related enterprises, expertise in battery recycling, and global connections, along with VOLTA's managerial acumen in battery recycling, and Miracle Eternal's proficiency in sourcing raw materials from international markets.

Enabling the transition to electrification is pivotal in the journey to decarbonize the mobility sector. To facilitate this shift and its expansion, ensuring a reliable source of raw materials for electric vehicle batteries, along with establishing a sustainable collection and recycling mechanism for end-of-life batteries, is essential.

The Global Energy Transition is one of Mitsui's Key Strategic Initiatives under its Medium-term Management Plan 2026. Establishing a stable energy supply chain and addressing climate change through strategic ventures are focus areas for Mitsui. By advancing battery recycling businesses domestically and internationally, Company to secure a stable supply of critical minerals and promote the development of a circular economy.

MITSUI & CO., LTD., established on July 25, 1947, has a rich history spanning decades. With 5,419 employees (Consolidated 53,602) as of March 31, 2024, Mitsui headquarters is located at 2-1, Otemachi 1-chome, Chiyoda-ku, Tokyo, Japan. Leveraging Mitsui global operating locations, network, and information resources, Mitsui engages in a wide range of businesses worldwide. These include product sales, global logistics, financing, and the development of major international infrastructure projects. Company diverse portfolio covers fields such as Mineral & Metal Resources, Energy, Infrastructure Projects, Mobility, Chemicals, Iron & Steel Products, Food, Food & Retail Management, Wellness, IT & Communication Business, and Corporate Development Business. With 84 subsidiaries in Japan and 212 overseas, along with 36 equity accounted investees in Japan and 159 overseas, Mitsui operates through a vast network of 491 affiliated companies for consolidation as of March 31, 2024.