UPDATED. 2024-05-22 10:56 (수)
Battery recycling firm Green Li-ion enters South Korean market
Battery recycling firm Green Li-ion enters South Korean market
  • Stan Lee
  • 승인 2023.07.19 10:43
  • 댓글 0
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Startup has US$36 million in funding
Image: Green Li-ion
Image: Green Li-ion

Battery recycling startup Green Li-ion said on Friday that it plans to enter the South Korean market.

The Singapore-based company was founded in 2020 and has investors such as GS, Envisioning Partners, and TES. It has received US$36 million in funding so far.

Most battery recycling companies use their own technologies to manage recycling equipment.

As each material in the battery has a different recycling efficiency, the recycling of each required different tailored equipment.

Green Li-ion offers a general-purpose equipment of sorts called GLMC-1 that it says can extract nickel, cobalt, and manganese from the black mass and scraps left over from batteries with 99.9% efficiency. With lithium, the machine offers 99.5% efficiency.

The machine can also synthesize nickel, cobalt, and manganese to make precursors. GLMC-1 offers these precursors in either solid or liquid forms.

This means Green Li-ion’s customers can use these precursors to make NCM622 or NCM811 cathodes, the so-called hi-nickel cathodes.

A Green Li-ion spokesperson said it is planning to offer its solutions using its machines and processes to companies looking to increase their recycling efficiency or those wanting to enter the battery recycling market.

GLMC-1 costs around 15 billion won per unit. Green Li-ion plans to offer initial operation staff as well as a lease option. The company plans to sell over a hundred units per year in 2026.

According to analyst firm SNE Research, the global battery recycling market is expected to be worth 3 trillion won in 2025 but will grow to 21 trillion won by 2030.

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