The BNEF research arm of Bloomberg sees EV and alternative energy demands straining nonferrous metal supplies.

Two reports produced by the BloombergNEF (BNEF) research business unit of that global company point to nonferrous metal markets destined to be short of supply for the next decade or more.

Although mining capacity is a key focus of the report on copper and a second one on battery metals (cobalt, lithium and nickel), the forecast points to ongoing high prices for recyclers and continued investment in nonferrous metals recycling capacity.

A mid-August Bloomberg summary of the copper report starts off by stating, “The world may have to rely on new recycling technologies to prevent shortages of copper as the shift toward clean energy supercharges demand for the wiring metal.”

The report says Sung Choi and fellow analysts at BNEF are forecasting annual copper demand as being “set to expand 53 percent to 2040, mainly driven by the electrification of transport and infrastructure.”

On the supply side, the BNEF analysts say primary supply might increase just 16 percent thanks to the difficulty of expanding existing copper mines or creating new ones. Narrowing a projected shortfall of from 5 million to 14 million metric tons by 2040 mgiht be a lot to ask of recyclers.

However, access to the red metal already could be driving increased investments in copper recycling in nations with developed economies. Recycled-content copper investments underway in the United States include those by Igneo Technologies LLC in Savannah, Georgia; the Aurubis AG facility in Augusta, Georgia; a plant in Shelbyville, Kentucky, being built by the Wieland Group; and the Ames Copper recycled-content anode plant in Shelby, North Carolina.

Bloomberg quotes the BNEF analysts as writing, “Investing in technologies related to recycling, lowering costs and improving recovery rates from low-grade deposits could help bring new copper supply online to meet growing demand.”

On its website, BNEF also hosts a late July blog post titled, “Race to Net Zero: The Pressures of the Battery Boom in Five Charts.” As with copper, BNEF points to “soaring demand [that] comes up against supply constraints” for battery metals including cobalt, lithium, manganese and nickel. “Lithium, nickel and manganese could all see technical supply deficits this year."

BNEF adds, “Raw materials availability is the biggest constraint for the production of lithium carbonate and hydroxide [and] the lithium industry could struggle to meet growing demand from electric vehicles (EVs) unless new projects are ramped up quickly over the next two years."

Harvesting lithium from end-of-life lithium-ion batteries has been one of the most active investment sectors for several years. One recent investment in the sector in Kentucky entails $310 million initially, with the potential to grow to $1 billion.

The analysts also say if cobalt is a bottleneck, nickel could be eyed as a substitute material. “Cobalt use in lithium-ion batteries has evolved over the last three years as a result of the higher prices recorded in 2018 and the ethical concerns automakers have around supply from artisanal miners in the Democratic Republic of Congo,” says Kwasi Ampofo of BNEF. “These concerns have resulted in a shift to less cobalt-intensive battery chemistries or those without cobalt.”

That, too, would likely require recycling investments, as most nickel currently goes into stainless steel and is recycled back to stainless steel at mills around the world. Nevada-based Aqua Metals is among several companies piloting technology to make nickel sulfate from spent batteries.

While not mentioning recycling specifically in the blog post, BNEF writes, “As demand for EV batteries grows, countries are racing to become more self-sufficient and build their own domestic supply chains.”

Scrap recycling firm acquires Saginaw, Michigan-based B. Clinkston & Sons.

Padnos has announced the acquisition of Saginaw, Michigan-based B. Clinkston & Sons Inc., saying the move will expand its recycling footprint in the Wolverine State.

Padnos, based in Holland, Michigan, describes B. Clinkston & Sons as a third-generation family-owned company that was founded in 1915. The acquiring company was founded in 1905 by Louis Padnos and now has 26 locations in Michigan and Indiana.

“The work that Steve Clinkston has done to build on the legacy of his family’s business is admirable,” Padnos President and CEO Jonathan Padnos says. “Clinkston is a highly reputable scrap business and a pillar in the Saginaw community. We are proud to join forces and continue the positive impact in the Tri-Cities area. This move furthers our regional consolidation and is the next step in our growth strategy.”

Padnos recycles ferrous and nonferrous metals, end-of-life vehicles, paper, plastics and electronics.

Both companies are key players in the commonwealth’s metals industry, which employs more than 25,000 Kentuckians.

Trinity Metals, Indianapolis and Giampaolo Group, a metals recycling and management company based in Brampton, Ontario, are contributing $30,000 to the flood relief efforts of the Honorable Order of Kentucky Colonels (HOKC).  

“Trinity Metals Foundation is honored to work with the Giampaolo Group and their amazing Foundation to support the Honorable Order of Kentucky Colonels,” says Wade Conner, CEO of recycling firm Trinity Metals. “The commonwealth of Kentucky has always been an important part of our success and it is only fitting that we support the flood relief efforts.”   

According to a news release from Trinity, both companies are key players in the commonwealth’s metals industry, which employs more than 25,000 Kentuckians. Giampaolo recently invested in two recycled-content aluminum production facilities in Kentucky.

Trinity has long-standing business relationships with many manufacturers and recycling companies across the state. This April, the company foundation contributed to tornado-related emergency relief in Kentucky.

“The Giampaolo Foundation and Group is vested with the commonwealth and its residents through our new flagship manufacturer, Matalco in Franklin and Shelbyville,” says Chris Galifi, CEO of Giampaolo Group. “We want to support where our employees, our most valued resource, live. Kentucky has really taken a one-two punch since December, and we see that HOKC has the history, impact and foresight to use these funds where they are most desperately needed.” 

Eight students were selected to receive scholarships for the 2022 program.

Covanta, a sustainable materials management and provider of environmental solutions based in Chester, Pennsylvania, has contributed to The Chester Environmental Partnership (CEP) scholarship program providing $20,000 worth of financial support for deserving students.  

"Without Covanta's contributions to the CEP scholarship fund our students would not be able to meet the financial demands of higher education," says Horace Strand, chairperson of the CEP. "The scholarship, originally created by Covanta, garners overwhelming appreciation from both parents and students who are incredibly grateful and sometimes tearful, to think that in their own community there is an opportunity like this available."   

Each year for the last 15 years, the CEP awards scholarships to deserving local high school and college students to assist in continued education. Eight students were selected to receive scholarships for the 2022 program. The students will attend Lincoln University of Pennsylvania, Neumann, Rutgers, Howard, Drexel and Alvernia Universities.  

"Covanta is proud to work with the CEP to recognize the achievements of these hardworking students and support their educational ambitions in a tangible way," says Don Cammarata, area asset manager for Covanta. "Investing in the educational future of Chester's best and brightest is part and parcel to our mission of Protecting Tomorrow, especially in the communities in which we operate."  

Covanta says its Delaware Valley operation in Pennsylvania reduces greenhouse gas emissions by more than 1.1 million tons of carbon dioxide annually. The facility produces 87 megawatts of renewable electricity, enough to power 54,000 homes while recovering and recycling 60,000 tons of metals annually. 

The combined company will operate under the name Rubicon Technologies Inc. and will be led by Nate Morris, chairperson and CEO of Rubicon.

Rubicon Technologies Inc., a Lexington, Kentucky-based company providing software for the waste and recycling industry, has announced it has completed its merger with Founder SPAC.  

The combined company will operate under the name Rubicon Technologies Inc. and will be led by Nate Morris, chairperson and CEO of Rubicon. Effective Aug. 16, Rubicon's Class A common stock and warrants are expected to trade on the New York Stock Exchange under the symbols "RBT" and "RBT WS," respectively.  

The transaction was approved by Founder's shareholders at a general meeting held Aug. 2. More than 97 percent of the votes on the business combination proposal at the meeting favored approving the business combination. Founder's shareholders also approved all other proposals presented at the meeting.  

"Becoming a public company is a tremendous step forward for Rubicon and will elevate our platform and products while further accelerating our mission to end waste through the reimagining of the waste and recycling category," Morris says. "I started Rubicon with a $10,000 line of credit and maxed out credit cards, and since that time our products have empowered our customers and hauler partners to make data-driven decisions that can lead to more efficient and effective operations and more sustainable waste outcomes. This value proposition has allowed Rubicon to scale our platform considerably and as a well-capitalized public company, we are positioned to further scale our technology to transform the $2.1 trillion global waste and recycling market."  

As a result of the transaction, Rubicon raised $196.8 million in gross proceeds, consisting of funds from Founder's trust account and PIPE investments. This is after redemptions and before the payment of transaction fees and expenses and amounts payable under Founder's previously disclosed forward purchase agreement. Rubicon says it intends to use the proceeds to capitalize on significant future growth from organic and inorganic opportunities and continued investment in new software development.  

Moelis & Co. LLC acted as exclusive financial adviser to Founder. Cohen & Co. Capital Markets Financial Group LLC. acted as financial adviser to Rubicon. Cohen & Co. Capital Markets and Moelis & Co. LLC. served as placement agents to Founder. Jefferies LLC served as capital markets adviser to Founder. Canaccord Genuity and MKM Partners served as capital markets advisers to Rubicon. Winston & Strawn, LLP served as legal adviser to Founder. Gibson, Dunn & Crutcher LLP was legal adviser to Rubicon.