LG New Energy and Huayou Cobalt will set up China's first China -South Korean joint venture lithium battery circular enterprise.
According to the Yonhap News Agency, LG New Energy said on Tuesday (August 8) that the company held a signing ceremony for the establishment of a joint venture with Huayou Cobalt in Zhejiang Province on the afternoon of the 7th.
The new company will extract nickel, cobalt and lithium from waste and waste batteries generated from the battery production process.The company plans to build a pre -processing plant for processing the battery waste and waste batteries in Nanjing and Luzhou City and the post -processing plant that extract metal.
The construction project will start this year, and it is expected to be put into production at the end of next year.The metal produced by the company will eventually supply the LG new energy Nanjing Battery Factory.LG New Energy is expected to obtain stable key raw materials through the virtuous cycle of resources.
It is reported that LG new energy is looking for battery recycling and reuse market opportunities to establish partnership with competitive enterprises and build a virtuous cycle of resources.By 2027, the value chain will be built in major production bases such as the United States, Poland, and Asia, and is committed to cooperating with outstanding enterprises to carry out a sustainable environment, social and governance (ESG) operation.
