EcoPro, SK Ecoplant to build EV battery recycling plant in Hungary
EcoPro said Sunday it has joined hands with SK Ecoplant and its electronics waste recycling subsidiary, TES, to set up an electric vehicle battery recycling plant in Hungary.
EcoPro CEO Song Ho-jun, SK Ecoplant CEO Park Kyung-il and TES CEO Terence Ng participated in the signing ceremony held at SK Ecoplant’s headquarters in Jongno, Seoul, Thursday.
By 2025, the three companies will build recycling facilities in Hungary -- the first project under a business agreement made in March targeting the used EV batteries markets in Europe.
The battery materials company will extract lithium, cobalt, nickel and other raw materials from battery waste, while SK Ecoplant and TES plan to secure battery scrap -- used or faulty batteries -- and recalled batteries from EV makers and battery manufacturers operating production bases in Europe.
The goal is to create a circular economy through a closed-loop recycling system -- a process that can convert a used product back into raw materials to create a new version of the same product -- in Hungary.
The size of the deal was not disclosed.
EcoPro touted its wet process technology, which has a high recovery rate of lithium after shredding the used lithium-ion batteries, selectively extracting black powder and separating lithium and sedimentary minerals from the powder.
The company also said the new recycling plant will create synergy with its first global cathode manufacturing base in Hungary. Its commercial operation is slated for late next year with an annual production capacity projected at 108,000 tons.
SK Ecoplant and TES operate 50 supply chains for collecting and shipping battery waste in 23 countries including the US, France, the Netherlands, China and Singapore. TES, in particular, has received the Basel Permit -- a requirement to import and export waste across borders -- from over 30 countries.
“EcoPro holds a competitive edge in battery recycling and cathode materials production,” said Song in a statement. “Our company’s recycling materials technology, and SK Ecoplant and TES’ strong capacity in the recycling business and global network will create a strong foothold in global markets.”
The three companies have selected Hungary as their first recycling base in Europe because it has a considerable amount of battery scrap, according to EcoPro.
As of last year, the country is the world’s fourth-largest battery market, following China, Poland and the US. By 2030, Hungary’s battery production is expected to surge by more than sevenfold compared to 2022.
The German trio, Mercedes-Benz, BMW and Audi, run car manufacturing plants in Hungary, and Korea-based Samsung SDI and SK On operate production sites there. Chinese battery makers like CATL, Eve Power and Sunwoda are also setting up bases in the country.
(责任编辑:요리)
- 尹 “하마스 무차별 공격 규탄”...척 슈머 등 美 상원 대표단 접견
- Samsung Biologics quarterly sales hit W1tr for first time
- [KH Explains] A look back on Lee Jae
- 여권 ‘TK 지지율’ 비상…오늘 서울 오는 박근혜에 주목
- 민주당 개표 초반부터 환호성…김태우 캠프엔 적막 가득했다
- Revamped 'Sister Act' with diverse cast gets ready for international premiere
- [KH Explains] A look back on Lee Jae
- Samsung Biologics quarterly sales hit W1tr for first time
- Dawn begins mandatory military service
- Hyundai Motor posts highest Q3 earnings on upbeat US sales
- [Today’s K
- Samsung SDI logs record
- Art Busan's unveils galleries, theme for inaugural fair, Define Seoul
- 野 "이태원 1주기 공동주최 빠지겠다"…尹대통령 참석 촉구
- [HIT Forum]Space forum sees opportunities beyond our 'pale blue dot'
- Samsung SDI logs record
- Samsung Biologics quarterly sales hit W1tr for first time
- [Photo News] Commemoration for Itaewon tragedy in Gwangju
- Art Busan's unveils galleries, theme for inaugural fair, Define Seoul
- Koreans well equipped to overcome global economic turmoil, says ex
- Samsung family members selling W2.6 trillion worth of shares to cover inheritance taxes views+
- NewJeans, Heartsteel to open 2023 LoL World Championship Finals views+
- Yoon regards illegal stock short selling serious 'malady': presidential office views+
- 尹대통령 “군장병 확고한 국가관·대적관 안보대세 가져야” views+
- Hyundai to develop own cheaper batteries for EVs views+
- Seoul shares open higher on stock short selling ban views+
- Le Sserafim lands on UK, US charts with 'Perfect Night' views+
- Fugitive caught 3 days after escape from hospital views+
- BAT design chief stresses responsible design views+
- W10m reward offered for information leading to fugitive on the run for third day views+