In order to accelerate the global recycling layout of lithium batteries and build a sustainable recycling chain, Zhejiang Huayou Recycling Technology Co. (hereinafter referred to as Huayou Recycling) and Hyundai Glovis, a subsidiary of Hyundai Motor Group, signed a MOU (Memorandum of Understanding) in Huayou Quzhou Industrial Park, in which the two parties will make use of their core strengths to open up a new chapter of open cooperation in the whole life cycle of lithium power battery. Lee Kyu-Fu, representative of Hyundai Glovis, and Bao Wei, General Manager of Huayou Recycling attended the signing ceremony.

Mr. Lee said that with the development of new energy automobiles industry, battery recovery, recycling and energy storage system have become an important development direction for Hyundai Motor Group in the future, and Huayou Recycling fits the three keywords of our future direction--China, Material and Recycling. We are also very impressed by Huayou's initial spirit of Being the best or nothing. This cooperation will be a good start for both of us, and I believe we will go farther in our cooperation.

Bao Wei expressed his positive expectations for the cooperation between the two sides. Hyundai Motor Group's vision of the right move for the right future coincides with the concept of Huayou Recycling, and strengthening communication and enhancing mutual trust will open up a broad space for lithium material recycling, and open up a bright future for the low-carbon, green and sustainable development of the human society.

After in-depth communication and active consultation, the two sides will carry out in-depth strategic cooperation in the construction of special logistics system for waste power batteries, R&D, manufacturing and global market expansion of energy storage systems, power battery pretreatment and recycling of key materials, etc., to build a new pattern of power battery recycling industry chain with low-carbon industrial development, diversified cooperation modes, and sharing of resource integration.

According to the latest data released by SNE Research, a South Korean market research organisation, the total global power battery usage in 2023 will be about 705.5GWh, a year-on-year growth of 38.6%, and the global shipment of energy storage batteries will reach 185GWh, an increase of about 53%. It is predicted that the global recycling market for waste batteries will grow to KRW 70 trillion in 2030 and KRW 600 trillion in 2050. With the use of power batteries in electric vehicles and energy storage systems rising year by year, the compliant, safe and resourceful treatment of waste power batteries has become a focus of attention for both upstream and downstream enterprises in the industry chain.

▲ Hyundai Glovis Performs Marine Transportation of Automobiless

In recent years, Hyundai Motor Group has actively laid out electric vehicle batteries business, and according to Korean media reports, Hyundai Glovis has taken the lead in promoting the construction and operation of the decommissioned battery recycling system, which has become the core of the Group's battery recycling system. Hyundai Glovis operates 52 logistics centres in Korea and 96 overseas to secure resources for used batteries.

The reusable batteries are made into energy storage systems, and key recycled materials such as cobalt, lithium, and nickel are extracted from the unusable batteries. At the same time, Hyundai Glovis continues to strengthen its pre-processing technology and battery material recycling, and will continue to improve its logistics supply chain in the future, gradually establishing its competitive advantage in the global battery recycling industry.

As a leader in lithium battery green material whole life cycle integrated solution, Huayou Recycling is deeply ploughing into the whole life cycle management track of power battery, has a perfect closed-loop system of waste battery recycling, and owns core advantages in recycling channel, R&D technology, cooperation mode, energy storage system solution, etc. We are actively expanding overseas cooperation methods and deeply binding the industrial chain of global new energy vehicle enterprises and battery enterprises to create a closed-loop domestic and foreign dual-cycle industrial chain.

▲ Aerial view of Huayou Recycling

In the future, both parties will uphold the open strategy of cooperation for win-win future, and work together to build a global closed-loop path for power batteries and promote the sustainable development of the industry chain.