SK ecoplant teams with CNGR on battery recycling in Europe
SK ecoplant will enter the European battery recycling market with CNGR, a Chinese battery material supplier, the Korean engineering company said Thursday.
The two companies signed an agreement Monday on technological and business cooperation. The goal of the agreement is to enter the European market together by sharing technological capabilities in battery recycling.
Founded in 2014, CNGR supplies so-called precursors for cathode materials to battery makers and last year claimed the largest share of the global precursor market with 22 percent. The Chinese company is a member of the European Battery Alliance, a network of battery companies and organizations set up by the European Commission.
SK ecoplant hopes to tap into CNGR’s network in the region and work with the company on the process of extracting raw materials from discarded batteries.
SK ecoplant recently bought a $50-million stake in Ascend Elements, a U.S. battery recycling company, and became the largest shareholder. In February, it acquired TES, a Singaporean electronics waste recycling company, for $1 billion. SK ecoplant aims to create a battery recycling value chain with TES supplying discarded batteries from Europe and Asia and Ascend Elements serving as a U.S. production base.
“Collaboration with CNGR, the global No. 1 supplier of cathode precursors, will serve as the cornerstone for completing a circular economy in the battery ecosystem,” said Park Kyung-il, SK ecoplant CEO. “We will create synergy by combining capabilities of TES, which has a global recycling network, and CNGR’s capabilities related to battery raw materials, to stay ahead in the global market.”
The signing ceremony was held at SK ecoplant headquarters in Jongno District, central Seoul, with Park and CNGR Vice Chairman Tony Tao Wu in attendance.