Posco to build Li-ion battery recycling plant in Korea in JV with China’s Huayou Cobalt.
Posco aggressively building up portfolio in battery materials has launched a full-fledged project to join the recycled secondary battery market in collaboration with China’s Huayou Cobalt.
On Friday, the Korean steel giant announced the signing of an investment contract with Jeonnam Province for Li-ion battery recycling business.
Earlier, Posco set up POSCO HY Clean Metal in a 65:35 joint venture with China’s Huayou Cobalt, a hi-tech enterprise focusing on the nonferrous smelting of cobalt, nickel, and copper.
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The joint venture will import waste battery scraps to be powdered in Europe. The ‘black powder’ feed will then be extracted into key cathode materials such as nickel, lithium, cobalt, and manganese through a recycling process in Korea.
Posco will invest 120 billion won ($107.6 million) to build a facility to process 10,000 tons of black powders per year inside the Yulchon Industrial Complex in Gwangyang, 260 miles south of Seoul. Construction is scheduled to begin this year and additional capex is an option.
The Li-ion battery recycling market is estimated to be valued at 8 trillion won in 2030, accounting for 20 percent of raw materials in the electric car industry.
Posco to build Li-ion battery recycling plant in Korea in JV with China’s Huayou Cobalt, May 28, 2021
