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Hyundai Motor Group is investing KRW530 billion, or about $400 million, to purchase a 5% stake in Korea Zinc Company Ltd. This collaboration will span recycling, battery material supply, and several other joint ventures, aiming to strengthen EV battery infrastructure.
Through this acquisition deal, Hyundai Motor and Korea Zinc will cooperate in various industries such as recycling, battery material supply, and other projects. One of the businesses agreed on by the two firms is related to the supply of nickel starting in 2026.
Korea Joongang Daily reported that Korea Zinc will issue 1,045,430 new shares priced at KRW 504,333 per share. The five percent that Hyundai Motor will purchase may sound small, but this is a significant portion already, as suggested by the agreed value of the deal.
The companies expect to complete the acquisition process by Sept. 12. It was outlined in the contract that the partners will jointly invest in mines to procure key raw materials for electric vehicle battery production, such as nickel. They are also looking to co-develop technologies so they can recycle scrap batteries.
"As the EV market grows, securing key battery materials will be a challenge and an opportunity for both the battery industry and automakers," Choi Yoon Beom, Korea Zinc's chairman and co-CEO, said in a statement. "The partnership allows Korea Zinc to contribute to the growth of the battery industry as a partner ideally positioned for various forms of collaboration across the batteries' entire lifecycle."
Meanwhile, The Korea Economic Daily reported that Korea Zinc said on Wednesday, Aug. 30, that it decided to raise KRW527.2 billion amid its goal of expanding its battery materials unit. To do this, it opted to offer rights to HMG Global LLC, the investment arm of Hyundai Motor, Kia Corp., and Hyundai Mobis.
"The rights offering is for a strategic partnership with HMG Global and its affiliates," Korea Zinc stated in its recent financial regulatory filing in Korea.
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