South Korean non-ferrous metal company Young Poong [000670:KS] has entered into an agreement with Lotte Global Logistics to establish a comprehensive supply chain system for recycling lithium-ion batteries, as reported by the Korea Economic Daily on August 22. The collaboration between the two entities entails the creation of a joint system for the transportation of used batteries, primarily from overseas sources like North America. Subsequently, they plan to establish an integrated supply chain by forming strategic partnerships with major companies specializing in finished vehicles, materials, and performance evaluation. By leveraging their respective technologies and capabilities, the partnership seeks to extend its battery recycling endeavors to the global market.
Young Poong launched a pilot plant for waste battery recycling in November of the previous year. The facility is notable for being the first to employ an industrial-scale dry melting method for battery recycling. This process enables the recovery of over 90% of lithium and 95% of nickel, cobalt, and copper from discarded batteries. With this advanced technology, the company aims to construct a recycling plant with an annual production capacity of 20,000 tons by 2024, with the goal of eventually ramping up production to 700,000 tons after 2030. Furthermore, in June 2023, Young Poong initiated a collaboration with US solid-state battery manufacturer Factorial Energy to develop an innovative process for extracting critical raw materials from solid-state batteries.