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[Alpha Biz=(Chicago) Reporter Kim Jisun] SungEel Hi Tech, a battery recycling company, will establish a recycling park in Indiana as the second base in North America after Georgia, USA.
SungEel Hi Tech announced on the 21st that it has selected a business site in Indiana, USA, considering raw material procurement. It has been three months since the establishment of the "SungEel Recycling Park Indiana" corporation in Indiana in May this year.
Indiana is a transportation hub where many highways connected to various parts of the Middle East meet and a major hub for large logistics companies. As it is easy to move to Canada and Mexico, it is emerging as a base for electric vehicles and batteries in the U.S. In addition to Sungil Hitech, 14 Korean companies, including Samsung SDI and Solbrain, are set to enter the market.
SungEel Hi Tech expects the completion of the "Indiana Recycling Park" will be able to produce key battery materials that can supply up to 100,000 electric vehicles annually from battery process scrap and post-use batteries. Seongil Recycling Park Indiana will be in operation from the second quarter of 2025.
Prior to entering Indiana, SungEel Hi Tech completed the establishment of a local corporation in Georgia in July last year and secured 81,000㎡ of land in the "Stephens County Toccoa" area to establish a recycling park.
The recent rapid growth of the auto industry thanks to the Inflation Reduction Act (IRA) has led to the formation of EV battery belts in the eastern United States, from Michigan to Georgia. As many as 15 battery plants are operating or being built in the U.S. and Canada through exclusive factories and joint ventures (JV) by three South Korean battery companies. In addition, as global OEM companies, battery cell manufacturers, and battery materials, parts and equipment companies are also entering battery belts to establish production lines, Sungil Hitech's entry into the U.S. market is expected to create synergy in many ways.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
