Hyundai Glovis, Hyundai Motor Group’s logistics unit, has agreed to establish a global partnership with China’s Zhejiang Huayou Cobalt to recycle end of life electric vehicle (EV) batteries and battery materials.
Hyundai Glovis and Huayou Recycling Technology, a wholly owned subsidiary of the world’s top supplier of refined cobalt, said they planned to jointly establish an efficient supply chain management and logistics system for the entire battery ecosystem including the recovery and recycling of EV batteries and battery materials such as cobalt, nickel and lithium.
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The two would also focus on repurposing end of life EV batteries for use as energy storage systems (ESS). According to EV industry analysts, EV batteries can be used for ESS systems when usable charging capacity drops to between 80-90%.
Hyundai Glovis cited data from South Korean EV and battery industry tracker SNE Research forecasting the global battery recycling industry would expand from US$42bn in 2030 to US$209bn by 2040.
