ByteDance Secures $29.6 Billion Loan to Boost AI Investment 
Microsoft to Reveal Azure Revenue in Major Reporting Shake-Up 
Australia Trade Surplus Beats Forecasts in July as Exports Fall 
GSM Eyes US, Europe Expansion Ahead of 2028 Hong Kong IPO 
Asian Stocks Rise as Bond Yields Ease, Oil Prices Stabilize 
Volkswagen Approves 50,000 More Job Cuts in Major Restructuring 
Asian Currencies Rise as Yen Surges on BOJ Rate Hike Bets 
Gold Prices Hold Near $4,500 as Fed Rate Hike Bets Ease 
Japan, US Target AI and Chips in $550 Billion Investment Push 
China Expands Influence in Global Gold Market 
JPMorgan Sees ECB Raising Rates to 2.75% in December 
Berkshire Hathaway Eyes Bigger Stakes in Japan’s Top Trading Houses 
Adobe Names Anil Chakravarthy CEO as AI Push Accelerates 
CATL Shares Fall as Hungary Plant Faces Safety Halt 
Anthropic Nears $15 Billion Credit Deal Ahead of IPO 
Tesla Cybercab Rides Launch in Austin as NHTSA Reviews Rollout 
Chinese AI Stocks Rally After OpenAI Launches GPT-6 Astra 
Add as a preferred source on Google
Hyundai Glovis is entering a new market that was revealed to be the fast-growing battery recycling business. The company will be reusing used electric vehicle batteries for its energy storage system (ESS) biz.
For this latest venture, Hyundai Glovis said on Monday. Nov. 7, it will be setting up a renewable energy facility and power grid models in Shinan-gun, South Jeolla Province. As per The Korea Herald, the logistics company headquartered in Seoul is teaming up with three firms, namely - the Korea Hydro & Nuclear Power, LS Electric, and Sinan County Office, to build energy storage systems using used EV batteries in 2023.
One of the goals of this project is to help the region in the eco-friendly transition of its fuel-based power plant. The firm said that its ESS technology which uses used electric vehicle batteries, will generate more added value by minimizing carbon emissions and saving energy.
Hyundai Glovis will be collaborating with the territory’s local authorities for the construction of its hybrid power generation complex there. Once completed, it is expected to produce electricity for public use, using environmentally-friendly sources of energy such as wind, solar, used batteries, and green hydrogen.
The Korea Times reported that Hyundai Glovis signed a memorandum of understanding (MOU) with Korea Hydro & Nuclear Power. LS Electric and Sinan County on Friday, Nov. 4. They all agreed to work together on the development of power grid models utilizing both new and renewable energies. By applying these eco-friendly sources, the companies are looking to honor their respective carbon neutrality pledges while also improving utilization efficiency.
"The recent MOU was meaningful as we have been able to contribute to revitalizing Sinan County's economy," an official of Hyundai Glovis said in a statement. "In line with the growth of the used EV batteries market, we will actively discover other business models reusing EV batteries."
Finally, Hyundai Glovis confirmed this week that its new facility would utilize a used battery energy storage system (UBESS) to distribute electricity to the residents of the region. It will make sure to deliver power to the islanders only in an environmentally friendly way.
