LG Energy Solution has partnered with Huayou Cobalt to set-up battery recycling plant in China
South Korea’s top battery manufacturer LG Energy Solution Ltd. and China’s mining company Zhejiang Huayou Cobalt Co. have agreed to partner in a battery recycling joint venture for securing a stable supply of raw materials to make lithium-ion batteries for electric vehicles. The two companies will build two factories in China to extract nickel, cobalt, and lithium from scrap batteries, which will be used for batteries production. The battery recycling joint venture is the first such cooperation between a Korean company and a Chinese company.
The recycling of EV batteries is becoming an essential part of the battery supply chain to secure a stable supply of raw materials for battery manufacturing while focusing on sustainability and reducing dependency on natural metal resources.
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