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LG Energy Solution Ltd. and Huayou Cobalt Co. Ltd. announced on Tuesday, Aug. 8, that they have teamed up to form a joint venture for the battery recycling business. The South Korean firm jumped into this partnership as it branches out its supply channels to attain a stable source of key raw materials.
According to Yonhap News Agency, LG Energy Solution and Huayou Cobalt signed their JV agreement on Monday. They have agreed to build two new plants in China, which will be used for the pre-treatment of used batteries and scraps and the other facility for the extraction of metals in the post-processing phase.
LGES said that the pre-treatment factory is set to be built in Nanjing, which sits in China's Jiangsu Province, while the post-processing factory will be in Quzhou, located in Zhejiang Province. The company said it already has a production facility in Nanjing, and its JV partner, Huayou’s headquarters is in Zhejiang thus, it is easy to see why they chose the sites for their joint project.
LG Energy Solution and the China-based mining company confirmed their joint venture but did not disclose the deal's financial details. Other agreed terms for the business are also not publicly available at this time.
Meanwhile, in a press release, LG Energy Solution stated that once the two plants are completed, production will immediately begin in the last quarter of 2024. They will be processing battery scraps gathered from the energy solution firm’s facility in Nanjing. The waste batteries collected by Huayou Recycling will also be brought into the factories to be processed.
The collected items are set to be used in the production of recycled metals such as cobalt, nickel, and lithium. The JV company will process and supply these to LG Energy Solution’s Nanjing plant.
“Through the JV, LGES will ensure a stable supply of waste batteries and battery scraps that are vital to the company's initiative toward establishing an integrated closed-loop manufacturing system, and further strengthen its competitive edges in securing key battery raw materials,” LGES said.
Photo by: LG Energy Solution Newsroom
