Blue Whale Materials Selected for $55 Million DOE Award Negotiation to Expand Bartlesville, OK Lithium-ion Battery Recycling Facility

Blue Whale Materials (BWM), a leader in advanced lithium-ion battery recycling, has been selected for negotiation of an award of over $55 million from the U.S. Department of Energy's (DOE) Office of Manufacturing and Energy Supply Chains (MESC) under the Bipartisan Infrastructure Law Battery Materials Processing and Battery Manufacturing Program.

The selection is part of BWM's larger $110 million expansion initiative, which will enable BWM's Bartlesville, Oklahoma state-of-the-art facility to process up to 50,000 tons of battery feedstock annually and produce enough valuable critical minerals to power over 100,000 electric vehicles annually.

The expanded operations will convert 3.5 times more end-of-life batteries and production scrap into Blacksandtm, a high-purity, dry, mixed-metal precursor that stands apart from conventional black mass. This state-of-the-art process recovers up to 98% of the cobalt and nickel in lithium-ion batteries and production scrap and significantly reduces contaminants such as aluminum, copper, and fluorine ? resulting in a high metal recovery rate and creating an optimized input for downstream metal refiners and battery material manufacturers.

BWM is a portfolio company of Ara Partners, a global private equity firm that is decarbonizing the industrial economy. By scaling up operations, BWM will further establish itself as a leading supplier of critical minerals for electric vehicle manufacturers, battery producers, and energy storage companies. The expansion is another meaningful step toward creating a closed loop and sustainable feedstock solutions for spent lithium-ion batteries.

The expansion is expected to create 150 permanent jobs and 180 construction jobs, boosting local employment in Bartlesville and will help contribute to the state's sustainable growth.

Approximately $3M of the grant would go towards workforce development and community outreach through expanded partnership programs with The Delaware Tribe of Indians, Blue Star Recyclers, Tri County Tech, and James Emmett and Company.

"The DOE's backing underscores the importance of building a sustainable and resilient supply chain for critical minerals right here in the U.S.," said BWM CEO Robert Kang. "This expansion not only supports our mission but also fuels economic growth in Bartlesville, a historic energy community."

Oklahoma Governor Kevin Stitt expressed his support for the project, "The State of Oklahoma welcomes this additional investment to expand the Blue Whale Materials li-ion battery recycling plant in Bartlesville. This investment aligns with our state's focus on self-sufficiency in critical materials production and will bring quality jobs and investment to Oklahoma."

"This selection for award by DOE's Office of Manufacturing and Energy Supply Chains is further validation of BWM's pioneering battery recycling process, and Ara Partners is proud to have partnered with Blue Whale Materials to submit the proposal for award. Government partnerships are essential to decarbonize the industrial economy and increase U.S. manufacturing capabilities," said Reese Goldsmith, Head of Government Affairs for Ara Partners.

For more information about Blue Whale Materials, please visit www.bluewhalematerials.com

About Blue Whale Materials

Blue Whale Materials is an innovative leader in sustainable battery recycling, dedicated to improving the li-ion battery value chain. With its proprietary technology, the company processes spent li-ion batteries to produce premium, high-concentrated Blacksandtm containing cobalt, nickel, and lithium. The company's inaugural processing facility, located in Bartlesville, Oklahoma, is set to commence operations in late 2024. Blue Whale Materials also offers comprehensive end-of-life battery testing and grading services, through its BW Energy and Innovation battery testing and evaluation lab located in Greenfield, Indiana. For more information, please visit its website here. Blue Whale Materials is supported by Ara Partners, a decarbonization private equity fund.

About Ara Partners

Ara Partners is a private equity firm focused on industrial decarbonization investments. Ara Partners invests in the industrial and manufacturing, chemicals and materials, energy efficiency and green fuels, and food and agriculture sectors, seeking to create companies with significant decarbonization impact. It operates from offices in Houston, Boston and Dublin, Ireland. As of June 30, 2023, Ara Partners had approximately $4.4 billion of assets under management. For more information about Ara Partners, please visit www.arapartners.com.

About DOE's Office of Manufacturing and Energy Supply Chains (MESC)

MESC plays a critical and unique role in catalyzing investments in America's energy future to support the re-shoring, skilling, and scaling of U.S. manufacturing across energy supply chains. MESC serves as the frontline of clean energy deployment and accelerates America's transition to a resilient, equitable energy future through data-driven investments in manufacturing capacity and workforce development. Learn more at www.energy.gov/mesc or LinkedIn.