Indianapolis-based The Heritage Group says it is merging its Heritage Battery Recycling business with Retrieve Technologies Inc. in Ohio. While financial details were not disclosed, Heritage says it has acquired a majority share in Retriev and the combination will create the largest lithium-ion battery recycler in North America.
California-based Kinsbursky Bros. International will continue as an active equity partner in Retriev. Heritage says the combined company will operate under the Retriev Technologies brand led by Shane Thompson, who previously served as president of Heritage Battery Recycling.
“Based on my 20-year career in battery recycling, no other company is better suited for success in this industry,” Thompson said in a news release. “Retriev has processed more lithium-ion batteries than any other participant in this market. The combined knowledge and experience in battery recycling and reuse, collection and transportation, safety and environmental compliance serves as an unmatched platform to responsibly support the rapidly growing battery space. We have comprehensive plans to continue to invest in and grow the company’s product suite and capabilities.”
Retriev has battery recycling and sorting facilities in Ohio and British Columbia. Heritage says the deal also includes KBI’s xEV Strategies division in California, which provides testing, refurbishment, warehousing and logistics for large-format electric vehicle batteries.
“Our mission to bring a sustainable model of closed loop recycling for critical materials that are necessary for the North American supply chain is one step closer to a reality with this merger. With over 30 years of commercial operations, Retriev represents the only long term North American lithium-ion battery recycling operation,” said Steve Kinsbursky, chief executive officer of KBI. “Adding HBR and its affiliation with Heritage’s environmental services expertise and network of fully permitted collection facilities and transportation assets will allow us to further differentiate Retriev as a single solution for all battery management needs.”
Heritage says the acquisition will support the the manufacturing sector, specifically original equipment manufacturers in the U.S. that continue to invest in the conversion to electric vehicles.