Sungeel Hitech said on Monday that it has completed its second battery recycling factory in Hungary.
The new factory can process 50,000 metric tonnes of used batteries per year. This is equivalent to batteries used to power 20,000 units of electric cars per year.
Sungeel said it can extract 96% of the nickel, 95% of the cobalt and 80% of the lithium used in the batteries.
The raw materials will be sent to South Korea to be used in battery production, the company said.
The factory is at the city of Batonyterenye in Hungary. It is close production lines of electric car makers such as Audi and BMW.
Samsung SDI and SK Innovation’s battery plants are also close by.
Sungeel’s existing factory at Hungary is used to recycle scraps from battery production. It can process 10,000 metric tonnes of craps per year. It also has a battery recycling plant in Gunsan, South Korea.
The company said it plans to build factories that will directly manufacture battery materials in South Korea and Europe at a later date.