Young Poong, Lotte Global Logistics to form battery recycling supply chain
Mi-Sun Kang
Aug 22, 2023 (Gmt+09:00)
South Korea’s non-ferrous metal company Young Poong Co. has teamed up with Lotte Global Logistics Co. to form a supply chain system for recycling lithium-ion batteries.
They will expand their battery recycling operations to the global market by integrating their technologies and capabilities.
Both companies on Monday announced their conclusion of an agreement to build a battery recycling supply chain under a plan to form a joint system for transportation of used batteries located overseas like in North America. Afterwards, they will seek to build a related supply chain through strategic alliances with major companies in finished vehicles and materials and performance evaluation.
In a world first, Young Poong last year unveiled its secondary battery recycling technology that uses a pyrometallurgy process to recover over 90% of lithium and more than 95% of nickel, cobalt and copper from discarded batteries. It recently signed a deal with Factorial Energy, a solid-state battery maker based in Woburn, Massachusetts, to prepare for entering the US market.
"Through this agreement, we completed the final puzzle of building a battery recycling supply chain," Young Poong CEO Park Young-min said.