South Korean battery maker SK Innovation is planning to enter the Chinese battery recycling market. Last month, the company decided to build an electric vehicle (EV) battery separator factory in Jiangsu Province. It plans to focus on expanding its battery market with Chinese partners. It is expected that from 2020, China's electric vehicle battery replacement volume will increase significantly. .
According to industry sources, on November 28 local time, SK Innovation will participate in a battery recycling conference in Tianjin on November 29, and it is the only Korean electric vehicle battery company to participate in the conference. In the conference room, researchers at SK Innovation will introduce their waste battery cathode recycling technology.
A staff member of SK Innovation said: "There are still 70% to 80% or more of residual value batteries that can be reused as energy storage devices (ESS). "Extract rare metals such as lithium, cobalt and manganese and use them to make electric car batteries."
Industry observers said that SK Innovation's participation in this conference is the first step in its entry into the Chinese used battery recycling market, and it is expected that the Chinese used battery recycling market will expand rapidly in the future. The China Battery Association estimates that the market value of the used battery recycling industry will reach 6.5 billion yuan (1.575 trillion won) by 2020.
The China Automotive Technology and Research Center (CATARC) is a government research organization specializing in automotive technology. It estimates that the number of used batteries in China will reach 200,000 tons by 2020 and 350,000 tons by 2025. To address this, the Chinese government announced the first white list of used battery recycling companies in September this year, but electric vehicle battery manufacturers such as Ningde Times (CATL) and BYD (BYD) were not included in the list.