Hyundai Glovis, the logistics arm of Hyundai Motor Group, has partnered with Huayou Recycling Technology, a subsidiary of China’s Zhejiang Huayou Cobalt, to expand its electric vehicle (EV) battery recycling business.
On August 1, 2024, the companies signed an agreement to collaborate on the development of end-of-life EV battery management systems, energy storage system (ESS) applications and raw material supply chain optimization. Huayou Recycling brings to the partnership its rapid battery capacity assessment technology and significant presence in the Chinese EV market.
According to SNE Research, the global battery recycling industry is expected to grow from an estimated $42.4 billion in 2030 to $208.9 billion in 2040. This collaboration aims to address the growing demand for sustainable practices in the EV industry by focusing on extending battery life through ESS applications and recovering critical materials such as cobalt, nickel, and lithium.
Hyundai Glovis brings its logistics expertise and ongoing research in battery transportation and diagnostic systems to the partnership. The company has previously invested in battery recycling technologies, including the development of specialized transport containers and collaborations with other industry leaders.
This alliance between Hyundai Glovis and Huayou Recycling represents a step towards establishing a circular economy in the EV battery sector, combining Korean logistics capabilities with Chinese recycling technology to address the challenges of EV battery lifecycle management.
Source: The Korea Economic Daily
