Shinhan Investment Corp. Makes Additional Investment in U.S. Used Battery Recycling Company

Shinhan Investment Corp. announced on the 9th that it has additionally invested approximately 14 billion KRW in Ascend Elements, a U.S. battery recycling company, to strengthen its global ESG (Environmental, Social, and Governance) investments.

This investment follows Shinhan Investment Corp.'s initial investment of 10 billion KRW in Ascend Elements in June last year and will be used for the construction of a plant that recycles used batteries and produces eco-friendly battery materials. The investment was made in line with Shinhan Financial Group's ESG slogan, which aims for 30 trillion KRW in green finance by 2030, with Shinhan Bank and Shinhan Capital participating as co-investors.

Ascend Elements recovers rare metals such as lithium, nickel, cobalt, and manganese through the recycling process of used batteries. Furthermore, based on patented core technology, the company integrates metal extraction from recycled batteries with the production of precursors and cathode materials into a single process to produce eco-friendly recycled precursors and cathode materials.

Shinhan Investment Corp. is actively investing in technology sectors that are leading innovation in the global next-generation mobility ecosystem.

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