15 C
Belgrade
Supported byspot_img
spot_img

LG Energy and Huayou Cobalt set up battery recycling JV in China

Member of Europium Groupspot_img
Supported byspot_img

LG Energy Solution Ltd. and Zhejiang Huayou Cobalt Co. have signed a joint venture deal to establish a cell recycling partnership. This marks the first alliance between a South Korean and Chinese company in mainland China for battery recycling. The joint venture aims to extract key minerals such as nickel, cobalt, and lithium from used cells and scraps to ensure a stable supply of raw materials for lithium-ion batteries used in electric vehicles.

To set up a virtuous resources cycle, LG Energy emphasizes the importance of managing the entire battery lifespan for a sustainable and stable supply chain. The collaboration with Huayou Cobalt is expected to enhance customer value in the recycling sector based on sustainable resources.

LG Energy and Huayou plan to build two factories, a pre-treatment plant in Nanjing and a back-end factory in Quzhou. The pre-treatment plant in Nanjing will process scraps, a byproduct of battery manufacturing. The back-end factory in Quzhou will process recycled metal. The metal produced by these plants will be supplied to LG Energy’s factory in Nanjing through the cathode production process.

Supported by

Although financial details of the joint venture have not been disclosed, LG Energy and Huayou agreed to strengthen their strategic partnership and expand cooperation in the battery recycling business in the future.

This collaboration is expected to benefit both companies. LG Energy will secure a stable supply of raw materials, while Huayou can increase recycling volumes and establish a long-term customer for business expansion.

In addition to this partnership, LG Energy is actively seeking growth opportunities in the battery recycling and reuse sector. The company plans to collaborate with major global companies across key production bases in the US, Poland, and Asia by 2027 to ensure sustainable growth.

 

Source: Energy portal

Supported byElevatePR Digital

Related News

IEA analysis calls for greater investment despite 2023 drop in clean energy mineral prices

Prices for key minerals used in clean energy technologies fell in 2023 as supply outpaced demand, easing pressure on the market. However, a new...

Europe must boost investment to secure raw materials for EV production

Europe's reliance on importing the majority of raw materials for electric vehicle (EV) production is proving increasingly unsustainable, leaving its economy vulnerable. This week,...

Exploring the strategic implications: Graphite and the European Union’s Critical Raw Materials Act

The European Commission's Critical Raw Materials Act (CRMA) has retained battery-grade graphite on its list of strategic raw materials in its final version, reflecting...

Heraeus Remloy’s innovative approach: Recycling magnets for a sustainable future

As demand for magnets, particularly those made from rare earths like neodymium, continues to soar across various industries, the need for sustainable production methods...
Supported by
Supported by
Supported by
error: Content is protected !!