South Korea invests millions in e-mobility recycling hub
South Korea is constructing its very first car battery recycling plant in Yeonggwang Country, South Jeolla Province.
Earthtech is investing 24 billion won (US$ 20 million) in the unique battery recycling project. The company expects the first phase of construction to be completed in March. The recycling hub will recover lithium, nickel, cobalt, and will conduct various research and business projects relating to e-mobility.
The new facility will be comprised of disassembling facilities, performance testing grounds for used batteries, and other facilities for various tests and examinations. The used batteries, depending on their condition and capacity, will be recycled as Energy Storage Systems.
Earthtech underlines it will use eco-friendly recycling methods at its state-of-the-art recycling plant. The company currently has the capacity to process 5000 electric vehicles and almost 2000 tonnes of used automotive batteries every year.
Almost 60 000 electric cars are now on the road in South Korea, according to the Ministry of Environment. It reports that sales of electric cars totalled 32 000 units last year. In fact, South Korea was the fifth biggest e-car market in 2018. Market analysts believe ‘strong sales’ will bring the total to 100 000 electric cars this year.