EcoPro, a South Korean producer of electric vehicle (EV) battery materials, announced it had signed an agreement with US-based recycling company Cirba Solutions to strengthen its position in the North American battery supply chain.
Michigan based Cirba is a battery recycling company with a growing network of collection and processing centres across North America. It recently signed a battery recycling agreement with Toyota while Japanese trading company Marubeni recently invested US$50m in an undisclosed stake in the company. Marubeni described Cirba as “the largest and most comprehensive battery management and materials processor for end of life batteries in North America”.
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EcoPro and Cirba signed a memorandum of understanding (MOU) this week, allowing the South Korean company to access Cirba’s recycled battery materials, including valuable minerals such as nickel and lithium.
EcoPro said it would secure supplies of recycled battery materials in response to the US Inflation Reduction Act (IRA) which provides tax incentives of up to US$7,500 to US buyers of battery electric vehicle (BEVs) which use materials sourced locally or from free trade partner countries.
