(Alliance News) - Greenthesis Spa announced Thursday that it has signed a memorandum of understanding with Sharaf Investment LLC, the latter belonging to the Sharaf Group, one of the largest and most diversified conglomerates operating in the United Arab Emirates.

The agreement deals with understandings between the parties for the acquisition by Greenthesis of a 20 percent stake in the Emirati-registered company Green Future Battery Recycle LLC, a special purpose company now wholly owned by Sharaf Investment LLC itself and in possession of authorization for the construction and operation of a new plant, the first in the Emirates, for the treatment and recovery of used lead-acid batteries derived mainly from the automotive sector.

The plant, which is already at an advanced stage of construction in the Dubai industrial area and is expected to be fully operational by the end of 2023, will process 22,000 tons per year of batteries and enable the recovery of both about 13,000 tons of lead and about 1,000 tons of plastic each year.

It is expected that the deal could be finalized by April 30, subject to the successful outcome of the due diligence activities being completed, the company explained.

Greenthesis closed Thursday in the green by 2.1 percent to EUR0.90 per share.

By Claudia Cavaliere, Alliance News reporter

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