Cosnine to Establish Domestic Used Battery Recycling and Processing Plant with China’s Shunhua Lithium

Cosnine announced on the 7th that it is promoting the establishment of a waste battery recycling processing plant in collaboration with Hunan Sunhwa Lithium (Sunhwa Lithium) in China.

Sunhwa Lithium is a Chinese company with high technological competitiveness, including a total of 44 patents related to waste batteries. The management team consists of professors and PhD researchers from Central South University in Hunan Province, specialized in non-ferrous metal processing. Currently, the first plant near Changsha City has been completed, and the second plant is about to be completed.

The company stated, "Sunhwa Lithium plans to establish local plants in Korea, Japan, and other countries for overseas exports," adding, "They have expressed their intention to promote plant establishment in cooperation with Cosnine, their strategic partner in the Korean market."

Earlier, on the 4th, Cosnine announced that it had signed a letter of intent to purchase supply for approximately 5,000 tons of lithium carbonate annually from Sunhwa Lithium. They plan to accelerate the lithium carbonate distribution business and expand their cooperative relationship with Sunhwa Lithium to collaborate in the LFP (Lithium Iron Phosphate) battery raw material business as well.

LFP batteries have the advantage of higher price competitiveness compared to ternary batteries. Global automobile companies such as Mercedes-Benz and Volkswagen are already using LFP batteries, and recently Tesla attracted attention by equipping LFP batteries.

A Cosnine official said, "We will steadily lead the future growth businesses of waste battery recycling and LFP battery raw materials and strive to enhance corporate value," adding, "By securing excellent business partners in China, we have gained a favorable position to promote our business."

Meanwhile, according to SNE Research, the global waste battery market is expected to grow from about 20 trillion KRW in 2030 to about 600 trillion KRW in 2050. Along with the maturation of the electric vehicle market, the number of electric vehicle scrappages is projected to surge from 560,000 units in 2025 to 42.27 million units in 2040.

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