March 12, 2024
Sumitomo Mitsui Finance and Leasing Company, Limited
SMFL Rental Company, Limited
TES-AMM (SINGAPORE) PTE LTD

Execution of Memorandum of Understanding between SMFL, SMFL Rental and TES
on joint development of lithium-ion battery recycling business
Sumitomo Mitsui Finance and Leasing Company, Limited (President: Masaki Tachibana, hereinafter"SMFL"), SMFL Rental Company, Limited, a consolidated subsidiary of SMFL (President: Hirotsugu Harada,
hereinafter "SMFL Rental"), and TES-AMM (SINGAPORE) PTE LTD (CEO: Terence Ng, hereinafter "TES")
signed a Memorandum of Understanding (hereinafter the "MOU") to begin full-scale discussions on
jointly developing a lithium-ion battery recycling business using hydrometallurgy technology.

（From left）Hirotsugu Harada (President・SMFL Rental)、Terence Ng(CEO・TES)、Masaki Tachibana(President・SMFL)

The use of lithium-ion batteries (hereinafter "LIB") is rapidly expanding, not only in consumer products
such as notebook PCs, but also in stationary and EV applications, and awareness of their importance is
growing globally, not only in Japan. At the same time, there is a growing concern for procuring criticalminerals for making LIBs due to the uneven regional distribution of critical materials and the regional
concentration of refining technologies, and the need for LIB recycling is increasing. In anticipation for thelarge amount of used EV LIBs expected to be generated towards 2030, we view the execution of this MOU
as the first step towards establishing a closed-loop supply chain for LIBs in Japan, the movement towards
securing resources autonomously in Japan and realizing a recycling-oriented society.
Established in 2005, TES has grown to become a global leader in sustainable technology services and1bespoke solutions that help clients manage the commissioning, deployment, and retirement oftechnology devices and components. TES provides comprehensive services for technology devices
throughout their lifecycle - from deployment to decommissioning to disposition - all the way through torecycling and end-of-life repurposing. This includes innovating new processes to leverage the value
locked in assets if they are to be recycled, such as our proprietary lithium battery recycling process, which
extracts scarce materials from used batteries at purity rates high enough that they can be reused in themanufacturing supply chain.
TES has made it its mission to make a decade of difference by securely, safely, and sustainablytransforming and repurposing one billion kgs of assets by 2030. TES has over 40 owned facilities across
22 countries offering unmatched service-level consistency, consistent commercials, lower logistics costs,
local compliance experts in-region, support in local time zones and languages, and a deep understandingof transboundary movement globally.
One of the SMFL Group’s “Visions (What we aim to be)”, as indicated in their management philosophy, isthat SMFL should aim to be “Chosen for its commitment to sustainable development goals (SDGs)”, andto provide various services to support achievement of SDGs. One of SMFL’s key initiatives is "Activities as
a leder in realizing the circular economy” , and we are working to solve social issues.
SMFL Rental is engaged in the lease and rental, such as PCs and workstations, IT equipment installation
support, as well as rental of electronic measuring instruments, nursing care equipment and welfare
equipment, industrial machine tools and transportation equipment. In addition, rental assets are reused
and recycled to promote the circular economy, and we will further contribute to increasing social value
through this new business venture.
【TES Profile】
Name

TES-AMM (SINGAPORE) PTE LTD

Head Office

9 Benoi Sector Singapore 629844

Founded2005

Chairman of the Board

Terence Ngof ManagementBusinessTechnology lifecycle management services including IT asset
disposition, ewaste and battery recycling.

URL

www.tes-amm.com

Contact information
SMFL

Corporate Communications Dept.

Yamamoto

TEL +81-3-5219-6334

SMFL Rental

Planning Dept.

YoshidaTEL +81-3-5219-6746

TESMarketing Department

Kristine Kearney

TEL +447706352702

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