LG Chem entered an equity investment agreement worth US$18.6 million with the waste battery recycling company, Jae Young Tech. Based on this equity investment, the two companies plan to establish a battery recycling joint venture in North America by the end of 2023. LG Chem will lead the overall business such as establishing the business model, and Jae Young Tech will be in charge of technological issues including plant design, etc. LG Chem and Jae Young Tech also plan to advance their business by cooperating with local companies that possess supply chains in North America.

Jae Young Tech was founded in 2016 and specializes in battery recycling. The company possesses the technology for extracting high-purity lithium from the lithium wastes (scraps) remaining after use by secondary battery manufacturers or from used batteries.

The conventional methods in the industry place batteries in a liquid to melt and extract manganese, cobalt, nickel, etc. in order and then extract lithium at the very end. The fact that after melting various materials, impurities would form in the liquid, thus lowering the purity of lithium.

To read the full story, visit https://www.greencarcongress.com/2022/12/20221223-lg.html.
Author: Green Car Congress

Sponsor