Saevitchem Collaborates with LG Chem and Kemco Joint Venture for Spent Battery Recycling
[Asia Economy Reporter Jang Hyowon] Saevitchem, a specialized company in secondary battery recycling, announced on the 24th that it has signed a tripartite memorandum of understanding (MOU) for a binding 10-year purchase agreement for nickel and other materials with ‘Korea Precursor Co., Ltd.,’ a joint venture established by LG Chem and Kemco.
Through this cooperation, the three companies will establish a strategic partnership in the battery recycling sector. Saevitchem will supply the joint venture with stable and competitive recycling raw materials.
Saevitchem plans to supply Korea Precursor Co., Ltd. with recycling raw materials recovered from waste batteries and precursor raw materials such as nickel, cobalt, and manganese composite sulfate aqueous solution (NCM composite solution) from the second half of 2024 until 2034. Through gradual increases starting in 2024, it is expected to provide NCM composite solution capable of producing about 6,000 tons of precursors annually by 2026. This amount corresponds to the production volume for batteries of approximately 40,000 electric vehicles. The company explained that Saevitchem’s sales are also expected to increase by more than 100 billion KRW annually.
Additionally, Saevitchem plans to expand its waste secondary battery recycling plant by about three times from the second half of this year. Furthermore, Saevitchem received preliminary approval for listing from the Korea Exchange on June 16 and is preparing for a KOSDAQ listing in August. The funds raised through this initial public offering (IPO) will be used to expand the third plant producing NCM composite solution and lithium carbonate for secondary batteries.
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Park Mingyu, CEO of Saevitchem, said, “This agreement recognizes the excellence of Saevitchem’s battery recycling technology and is the result of continuous investment in the battery recycling business. Through the IPO, we will further advance eco-friendly battery recycling technology and play a leading role in establishing a resource circulation system.”
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