Jinseong SH New Energy to Invest 100 Billion KRW in Battery Recycling Plant in Pohang

On the 26th, Gyeongbuk Province and Pohang City signed a Memorandum of Understanding (MOU) to invest 100 billion KRW in the battery recycling industry at the Pohang City Hall's main conference room. The ceremony was attended by Lee Dal-hee, Deputy Governor for Economic Affairs, Lee Kang-deok, Mayor of Pohang, Kim Wook-han, CEO of Jinseong SH New Energy, and Li Yao, Vice President of Guangdong Jinseong SH New Energy.

Through this investment agreement, Jinseong SH New Energy, a secondary battery material company, plans to establish a factory on a 66,115㎡ (20,000 pyeong) site within the Pohang Blue Valley National Industrial Complex to produce key battery materials such as nickel, cobalt, and manganese through recycling of waste batteries, which is expected to create a large number of jobs.

Lee Dal-hee, Deputy Governor for Economic Affairs of Gyeongbuk Province (second from left), Kim Wook-han, CEO of Jinseong SH New Energy (third from right), and Lee Kang-deok, Mayor of Pohang (second from right), are posing for a commemorative photo after signing a business agreement.

As the global electric vehicle market, which leads the way in carbon neutrality, expands, the investment in waste battery recycling is significant in terms of establishing a domestic supply chain for battery raw materials that have been entirely dependent on imports and maximizing the environmental benefits of electric vehicles through resource utilization.

In particular, Pohang City was designated as a national advanced strategic industrial complex specializing in the secondary battery sector in July, and it is building itself into a bona fide global battery industry hub by leveraging the existing secondary battery industrial ecosystem.

Through industrial expansion such as this investment, related companies are expected to secure core minerals with high supply liquidity stably, establishing Pohang as a sustainable center for the secondary battery industry.

Lee Dal-hee, Deputy Governor for Economic Affairs of Gyeongbuk Province, stated, “This agreement will serve as an opportunity to expand the new battery recycling business sector, leading to follow-up investments by upstream and downstream companies related to battery recycling. Gyeongbuk Province will provide unwavering support to firmly establish Pohang’s position as a K-Battery hub city.”

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