Image: Under the JV agreement, the two firms have committed to construct two factories in China. Credit: PublicDomainPictures from Pixabay.
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LG Energy Solution (LGES), a unit of LG Chem, has signed a joint venture (JV) agreement with Zhejiang Huayou Cobalt, a Chinese mining company, to construct a battery recycling plants to secure raw materials for lithium-ion battery components, reported Korean Bizwire.
Under this JV agreement, the two firms commit to construct two factories to extract nickel, cobalt and lithium from scrap batteries and used batteries.
Nickel, cobalt and lithium are considered important components for lithium-ion batteries used in electric vehicles.
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The pre-treatment plant to be constructed at LGES’ production facility in Nanjing will process scrap batteries. A post-processing plant will be built at Quzhou in western Zhejiang, where Huayou currently has its operations. The post processing plant will process recycled metal.
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By GlobalDataLGES and Huayou will work out terms and other details on the agreement to commence a joint venture company by the end of 2022.
Last month, in aim to bolster its joint battery research programmes with institutions, the company announced its partnership with Münster Electrochemical Energy Technology (MEET) of University of Münster and Helmholtz Institute Münster (HI MS) of Forschungszentrum Jülich.
These institutions will participate in a joint battery research programme funded by LGES’s Frontier Research Laboratory (FRL).
Researchers from all three entities will work on a study to develop next generation lithium-ion battery technology using green materials and processes.
The joint research team, in particular, will explore ways to boost battery cell performance including its energy density and cycle life.
LGES first set up the FRL programme with the University of California San Diego to develop a new type of an all-solid-state battery by bringing together a solid-state electrolyte and advanced electrode techniques.
