Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has agreed to set up a new joint venture for lithium-ion battery recycling with VOLTA INC. ("VOLTA", Head Office: Fujinomiya City, Shizuoka Prefecture, Japan, President: Kenta Imai) and Miracle Eternal PTE LTD. ("Miracle Eternal", Head Office: Singapore, Director: Hua Runjie).

J-Cycle Inc., the new joint venture company, was established in May 2024, and is expected to commence operations of a battery recycling plant in Ibaraki Prefecture, Japan in September this year, after obtaining the necessary permits and approvals. J-Cycle Inc. plans to produce and sell black mass* from end-of-life batteries and battery production scrap by leveraging Mitsui's expertise in battery-related businesses, knowledge of battery recycling and its global network, VOLTA's management proficiency in battery recycling, and Miracle Eternal's procurement capabilities of raw material from overseas.

The shift towards electrification is a crucial part of decarbonizing the mobility sector. To support this transition and growth, it is imperative to establish a stable supply of raw materials for electric vehicle batteries and a sustainable end-of-life battery collection and recycling system.

Global Energy Transition is one of Mitsui's Key Strategic Initiatives under our Medium-term Management Plan 2026. Creating a stable energy supply chain and addressing climate change through our strategic ventures are Mitsui's focus areas. By advancing battery recycling businesses both domestically and internationally, Mitsui will contribute to ensuring a steady supply of critical minerals and fostering the development of a circular economy.

* Black mass: A recycled product from end-of-life batteries and battery production scrap which contains valuable materials such as lithium, nickel and cobalt.

Battery ecosystem and initial scope of J-Cycle

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