This investment will help accelerate the development of Licovolt’s innovative battery recycling technology.
Industry Leader Davencor Holdings Backs Licovolt
Davenham, founded in 1982 and headquartered in Dublin, is a market leader of electrical distribution and control solutions for major industries, including datacentres, and was last year acquired by the Legrand Group, headquartered in France.
Licovolt’s Breakthrough Battery Recycling Technology
Licovolt’s technology is a novel chemical compound and associated process used to extract critical minerals from spent battery material at a fraction of the cost and emissions of current methods. The technology enables the recycling of these materials and creates a global opportunity for OEMs who manufacture cathode active material (CAM) which is required for the electric vehicle (EV) and data centre industries.
Advancing Strategic Growth and Job Creation
Clint Zahmel, Executive Director, Licovolt said, “This investment by Davencor Holdings will enable the company to rapidly advance our strategic technology development roadmap to ensure that business development opportunities are grasped quickly given the scale of the global opportunity for Licovolt’s technology. Additionally following this investment, we plan to create up to 10 new jobs over the next two years, in the areas of international business development, finance, chemical engineering and battery innovation.”
Market Opportunity in Datacentre Battery Recycling
He added, “It is estimated that datacentres worldwide will need to recycle up to two million Uninterruptible Power Supply (UPS) battery systems over the next five years, and given John’s deep understanding of the electrical and datacentre industries, together with his proven track record of building successful businesses internationally, makes him an invaluable partner as we develop and implement our international scaling strategy.”
Leadership Endorsement and Industry Impact
John Corcoran, CEO, Davencor Holdings said, “Licovolt represents a really exciting opportunity in the field of battery recycling. The team’s innovative approach and very strong technical foundation positions them well for significant growth in this evolving market.”
Academic Research Drives Innovation
The Licovolt technology emerged after three years of intensive research, partly funded by Research Ireland, following a breakthrough chemical discovery led by Associate Professor Tony Keene, UCD School of Chemistry, in partnership with Associate Professor Steven Ferguson, UCD School of Chemical and Bioprocess Engineering, the company’s co-founders.
Collaborative Partnerships to Accelerate Development
Earlier this year Licovolt entered into a formal joint development agreement with Pure Battery Technologies (PBT), headquartered in Australia with operations in Hagen, Germany. This partnership with PBT will support the rapid advancement of Licovolt’s battery recycling technology.
