Pondy Oxides and Chemicals partners Ace Green Recycling Inc for new plant at Chittoor

Pondy Oxides and Chemicals Limited is partnering with Ace Green Recycling Inc., a Delaware Corporation in the United States, and signed a USD 12 Million equipment supply and licensing deal spanning 10 years to set up the world's largest greenhouse gas (GHG) emission-free battery recycling facility in Chittoor, Andhra Pradesh, India.

ACE Green Recycling is a global battery recycling technology company headquartered in both Singapore and the USA. It has developed a commercialized recycling process for used lead-acid batteries that release no greenhouse gas emission.

POCL is the first company in the manufacturing space to adopt this technology in the recycling process for used lead-acid balteries to lead ingots. The Facility can potentially recycle more than 28 million lead-acid batteries over ten years and prevent 500 million kg ofGHG emissions.

The salient features of the agreement are:

• Zero-emission lead battery recycling technology;
• Recycling technology operates at room temperature,
• Reduce the carbon footprint on a global scale;
• Prevent the emission of GHG,
• Reduce Solid Wastes from going into landfills,
• Provide green jobs for the community.

As a leading global player and pioneer in Asia's battery recycling industry, POCL is constantly investing in R&D and keeping abreast of the latest technologies to be in step with the industry's everchanging needs. This collaboration is a positive headway into the green technology space. POCL endeavors to become the torch bearer of circular economy.

ACE's technology deployment at POCL is expected to start operations in Q4 of2022 and will be scaled up in phases.

Shares of PONDY OXIDES & CHEMICALS LTD. was last trading in BSE at Rs. 561.55 as compared to the previous close of Rs. 552.35. The total number of shares traded during the day was 9678 in over 247 trades.

The stock hit an intraday high of Rs. 571.00 and intraday low of 558.50. The net turnover during the day was Rs. 5472837.00.

Source : Equity Bulls

Keywords

PONDYOXIDESandCHEMICALS INE063E01046 AceGreenRecycling BatteryRecyclingFacility GreenhouseGas EmissionFree