November 18, 2021: Global lead battery recycler Ecobat on November 10 announced it had agreed a new loan period of five years with a financing facility led by J P Morgan.
The amount of money involved was not revealed, but the terms ‘offered further upsizing of the global facility to support Ecobat’s growth plans’, a statement said.
The money, from a syndicate of the world’s largest lenders, as yet unnamed, will support Ecobat’s growth plans in North America and Europe.
“The terms of the new facility not only extended maturities of the outgoing facilities, but it also offered further upsizing of the global facility to support Ecobat’s growth plans,” the statement said.
“The new financing facility consists of a revolving credit facility and letter of credit commitments on the terms and conditions beneficial to Ecobat.”
Ecobat has over the past year bought German lithium-ion battery recycling firm Promesa and Emrol, a motive power distributor in the Benelux.