Hyundai Glovis & Houayou Cobalt launch battery recycling initiative
Under the newly signed agreement, the two companies have agreed to set up a global recycling system for electric car batteries and to optimise the management of the supply chain and logistics processes of the entire battery ecosystem, including battery raw materials and recycling resources. The partners also want to work together in the field of stationary power storage.
Huayou Cobalt is the world’s leading producer of cobalt, one of the most important raw materials for electric car batteries. The company also has the world’s second-largest production capacity for high-nickel precursors and the world’s third-largest production capacity for high-nickel cathode materials.
The recycling subsidiary Huayou Cycle already collects old batteries from electric cars at more than 100 locations in China. The company also has technology that can diagnose the health of batteries within 15 seconds, as well as electricity storage products for private and industrial use.
“We expect to lead the battery resources market with synergies between Hyundai Glovis’ logistics competitiveness and Huayou Cycle’s capability to recycle and reuse waste batteries,” said a Hyundai Glovis representative.
“EV batteries can be used for ESS when their remaining capacities fall to 80-90%, while raw materials such as cobalt, nickel and lithium can be extracted through decomposition and melting them,” a battery industry expert in Seoul told The Korean Economic Daily.
SNE Research forecasts that the global market for recycling used batteries will grow by 17 per cent annually and reach a value of 42.4 billion US dollars in 2030. By 2040, the market volume is expected to reach 208.9 billion US dollars, partly because the European Union is tightening its policy on used batteries and making the recycling of used batteries mandatory, among other things.
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