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[Apha Biz=(Chicago) Reporter Paul Lee] LG Energy Solutions has established a battery recycling joint venture (JV) with China's No. 1 cobalt producer Huayou Cobalt.
LG Energy Solutions announced on August 8 that it held a joint venture for battery recycling at Huayu Cobalt headquarters in Zhejiang, China. JV is the first Korea-China joint battery recycling company in China.
The new joint venture extracts nickel, cobalt and lithium, which are key raw materials, from scrap, waste generated during battery production, and collected waste batteries.
The metal produced by the new joint venture will later be supplied to LG Energy Solutions' Nanjing battery production plant after a process of producing bipolar materials.
The LG Energy Solution will use Huayu Cobalt's recycling technology to receive key raw materials in a stable manner, which will further strengthen its customer value capacity in the recycling sector. The Hwayu Cobalt Group also expects to achieve economies of scale and expand its business by expanding stable recycling supplies and securing sales outlets through cooperation with LG Energy Solutions.
The two companies will further strengthen their strategic partnership in the future and expand cooperation in battery recycling business.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
