Posco said on Friday that its joint venture for battery recycling with Huayou Cobalt will build a new facility in South Korea.
The joint venture, called Posco HY Clean Metal, will spend 120 billion won at Gwangyang, South Korea, to build a battery recycling plant with a capacity of 10,000 metric tonnes per year.
The facility will extract materials such as nickel, lithium and cobalt from dead batteries. A battery factory based in Europe will be using the extracted materials for battery production, Posco said.
In December, Posco’s approved the company’s plan to use scrubs leftover from battery production to be recycled.
Earlier this month, Posco and Huayou formed the joint venture, each owning 65% and 35% stakes, for this business.