ASX-listed company ReNu Energy is expanding its renewable and clean energy portfolio with a $1 million investment in Australian battery casing tech company Vaulta.
The investment is expected to generate a 20 per cent post-money interest in Vaulta, said ReNu in an ASX announcement.
The move marks ReNu Energy’s fifth investment in green energy and is expected to provide the company with exposure to a technology solution that reduces the creation of battery waste.
Vaulta’s proprietary battery technology is designed for disassembly, which allows the replacement or repurposing of individual cells, enabling less battery waste.
Vaulta has developed and patented a battery casing technology for Battery Energy Storage Systems.
The current practice for battery packaging involves welding, screwing, and gluing of cells, which makes disassembly complex and expensive, leading to battery waste and increased landfill.
Vaulta leverages a no-weld design that allows an easy assembly and disassembly of cells, allowing them to be replaced, reused, and recycled.
“Its streamlined no-weld design is unique, enabling second life and recycling leading to reduced battery waste. Vaulta’s battery case technology works wherever batteries do – from stationary storage and electric vehicles to defence, aerospace, wearable batteries and beyond,” said ReNu Energy Chairman Boyd White.
ReNu’s invested funds will be used to scale manufacturing and expand domestic and offshore sales of Vaulta’s battery.
“We welcome ReNu Energy’s investment. Like us, ReNu Energy believes batteries will have an important role in a renewable energy future. However, with 3,300 tons of lithium-ion battery waste per year in Australia (estimated to increase by 20% annually) and 2 million tonnes predicted globally by 2030, a technology solution was needed to reduce the creation of battery waste,” said Dominic Spooner, chief executive officer of Vaulta.
“ReNu Energy’s investment will enable us to scale our manufacturing capability and target further sales domestically and into the APAC and North America markets,” Spooner added.
