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22/04/2024
Mining News

LG Energy and Huayou Cobalt Establish Joint Venture for Battery Recycling

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.

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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.

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

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