Hyundai Glovis Expands Scope, Partners with Chinese Battery Recycling Company

MOU with China Huayuli Cycle
Promoting Expansion of Battery Recycling and Reuse Business

Lee Gyubok, CEO of Hyundai Glovis (right), signed a business agreement at the headquarters of Huayi Recycle in Zhejiang Province, China, on the 1st, and is taking a commemorative photo with Bao Wei, CEO of Huayi Recycle. (Photo by Hyundai Glovis)

Hyundai Glovis is expanding its scope by partnering with a Chinese company related to electric vehicle (EV) battery recycling and reuse.

On the 5th, Hyundai Glovis announced that it signed a Memorandum of Understanding (MOU) for 'Establishing a Collaborative Relationship in the EV Battery Business' with Zhejiang Huayou Recycling Technology (hereinafter Huayou Recycling) on the 1st.

Accordingly, the two companies agreed to cooperate on ▲ domestic and international energy storage system (ESS) businesses ▲ establishing a global EV used battery recycling circulation system ▲ optimizing supply chain management and logistics operations across the entire battery ecosystem, including battery raw materials, recycled resources, and more.

Huayou Recycling is a 100% subsidiary of Huayou Cobalt, the world's number one producer of cobalt, a key battery raw material. Huayou Cobalt also has the capability to produce high-nickel precursors and high-nickel cathode materials at the world’s second and third largest levels, respectively.

Huayou Recycling is already collecting used EV batteries from over 100 bases within China. Hyundai Glovis expects to establish a more efficient battery collection strategy by collaborating with Huayou Recycling and sharing experiences in base operations and supply chain management.

Additionally, Huayou Recycling possesses technology capable of diagnosing battery state of health (SOH) in just 15 seconds and has secured numerous ESS products for residential and industrial use, raising expectations for expanding related cooperation in the future.

Hyundai Glovis plans to target the battery recycling market by internalizing and expanding related technologies such as establishing strategic collection bases for used EV batteries, securing and developing pretreatment technologies, and optimizing dedicated battery logistics supply chains through cooperation with domestic and international companies and local governments.

A Hyundai Glovis official explained, "The synergy created by combining Hyundai Glovis’s logistics competitiveness with Huayou Recycling’s capabilities in used battery recycling and reuse will enable us to lead the battery resource market."

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