SK ecoplant and CNGR to Make a Joint Foray into European Used Battery Reutilization Market
SK ecoplant struck a collaboration agreement on reutilization for the battery circulation economy and supply of materials with CNGR.
The signing ceremony took place at SK ecoplant headquarters in Jongno-gu, Seoul, on Sept. 26. Among those on hand at the event were SK ecoplant President Park Kyung-il and CNGR Vice Chairman Tony Tao Wu.
CNGR, established in China in 2014, is a professional, comprehensive service provider of advanced energy materials for lithium batteries.
CNGR, a precursor supplier to Korean and other global anode product makers and battery makers, ranked first with a 22 percent share in the global precursor market in the first half of this year.
Of late, CNGR is accelerating efforts to expand the battery raw material business on top of the used battery reutilization business and investments to secure battery raw materials, such as nickel and cobalt.
CNGR is seeking to establish a European battery reutilization and precursor plant in compliance with global EV makers’ investments in Europe.
Under the deal, SK ecoplant and CNGR will spur the reutilization of used batteries, essential for realizing the battery circulation economy and the supply of battery raw materials, such as nickel and cobalt, and proactively cooperate in their joint entry into the European market.
The agreement calls for completing a closed loop regime designed to reuse rare metals recycled from used batteries and building a foundation for the value-added raw material business.
The deal is expected to have an effect of establishing a European center through the European Battery Alliance in which CNGR is participating and exploring new business models.
SK ecoplant is stepping on the gas to secure an upper hand in the global use battery reutilization market by acquiring the global e-waste company TES-ANM and conducting an equity investment in Ascend Elements, a U.S. used battery reutilization company.
SK ecoplant plans to lead the used battery reutilization market, which is predicted to maintain an explosive growth by securing used batteries like the hub & spoke and utilizing expertise related to extracting of rare metals and battery raw materials.
SK ecoplant is looking to speed up its entry into the European used battery reutilization market in cooperation with CNGR and expand value chains of the battery industry by utilizing rare metals retrieved from used batteries as battery raw materials.
SK ecoplant President Park Kyung-il said, “SK ecoplant’s cooperation with the global anode precursor company CNGR will serve as a cornerstone to complete the circulation economy of the battery ecosystem.”
SK ecoplant will have synergetic effects by combining TES-ANM with a global recycling network and CNGR’s capabilities related to recycling and batter raw materials and secure an upper hand in the global market, he added.
SK ecoplant, TotalEnergies and GiG’s Corio Generation Team up on Wind Power Project
SK ecoplant, an environment and energy company, has joined forces with world-class foreign energy companies to implement large-sized off-shore wind power plant projects in Korea, establishing a foundation to grow into a global off-shore wind power developer.
SK ecoplant struck a contract on the joint development of Korean off-shore wind power plants with Corio Generation, a global off-shore wind power developer of Green Investment Group and TotalEnergies, a global integrated energy company, on Sept. 5.
Under the deal, SK ecoplant will secure a stake in the “BadaEnergy” portfolio the two companies have been implementing.
The BadaEnergy portfolio consists of a combined 2.6GW floating and fixed off-shore wind power projects in the five spheres, including Ulsan Metropolitan City and Jeollanam-do.
In particular, the floating off-shore power projects include a 1.5GW “Gwishin Gorae” project whose capacity will be the largest-ever one in the world.
Four of the five projects in the BadaEnergy portfolio have already obtained the go-head on power generation from the Electricity Regulatory Commission under the umbrella of the Ministry of Trade, Industry and Energy.