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Battery recycler Cirba Solutions, Charlotte, North Carolina, says it has received a $245 million minority investment from the EQT Infrastructure V fund.

In addition to the investment from Stockholm, Sweden-based EQT Infrastructure, which has North American offices in New York and San Francisco, Cirba has secured over $82 million from two recent U.S. Department of Energy grants through the Bipartisan Infrastructure Law, which the company says will expedite the closed-loop electric vehicle (EV) battery recycling supply chain through its processing facilities. It adds that the investment from EQT Infrastructure will accelerate its 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 (LIBs) for EVs.

RELATED: Circular solutions

“This is a highly thematic investment for EQT, given Cirba Solutions’ essential service offering and the critical role the company plays as part of the U.S. energy transition infrastructure,” says J.D. 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.”

Vargas continues, “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 says the new investment from EQT Infrastructure will support the expansion of its existing LIB facility in Lancaster, Ohio, that it expects to generate enough recycled battery material to power 200,000 EVs annually when complete. In October, the company said it was planning to invest over $200 million to expand the Lancaster plant.

RELATED: Cirba Solutions expands Ohio-based LIB processing facility

Additionally, Cirba has announced a new 75,000-square-foot LIB processing site in Eloy, Arizona, and expects to announce future processing locations that will further enhance its broad battery collection and processing network.

Cirba says it expects to invest over $1 billion into the market over the next 10 years in the effort to establish itself as 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,” Cirba President and CEO David Klanecky says. “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.”

Read More: Exodus Global names senior director of business development

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