Changwon City Develops Technology for Recycling Waste Batteries

Exploring Development Plans for the Spent Battery Recycling Industry with Two Companies

Changwon City signed a business agreement on the electric vehicle used battery recycling industry with ROFA Co., Ltd. and Central Co., Ltd. at the Central Group headquarters on the morning of the 24th.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Changwon City in Gyeongnam announced on the 24th that it has signed a Memorandum of Understanding (MOU) with two local companies for the development and research of electric vehicle (EV) used battery reuse technology.

Recently, the nationwide environmental issues have led to the activation of eco-friendly electric vehicle distribution.

Along with this, used EV batteries that have reached the end of their life are emerging as a future growth industry.

According to the Korea Energy Economics Institute, the domestic EV used battery market is expected to see an annual disposal volume of 10,000 units in 2024, reaching about 80,000 units by 2030.

In the case of EV batteries, replacement is required when battery performance drops to less than 80% of the initial capacity, but there is sufficient potential for battery use in energy storage systems (ESS) and other applications.

Furthermore, according to the U.S. National Renewable Energy Laboratory (NREL) and the German Renewable Energy Association (BEE), it has been confirmed that EV batteries used for 7 to 8 years can be reused for 10 years at about 70-80% of their initial capacity.

Accordingly, after consultations with research institutions such as the Korea Electric Research Institute and Gyeongnam Technopark, as well as local companies, the city signed a business agreement with two local companies to develop EV used battery recycling technology.

This business agreement includes not only plans for the reutilization of EV used batteries but also the establishment of new future growth industries and regional economic development plans.

This content was produced with the assistance of AI translation services.