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KOREA, 13 October 2022: GS Energy Corporation, the energy division of local GS Group, and POSCO Holdings have signed a preliminary agreement to establish a battery recycling joint venture.
Preliminary agreement
The joint venture, which will have Posco owning 51 percent of the ownership and GS Energy the other 49 percent, will be called Posco GS Eco-Materials, and the two businesses have pledged to invest a total of USD 120m (KRW 170bn) in it by the end of 2022.
Posco finished constructing a recycling facility for EV batteries in Poland in August.
Posco’s engagement in global market for battery materials
By 2030, Posco said it hoped to generate USD 8bn (KRW 11.4trn) in annual gross profits through investments totaling USD 18bn (KRW 25trn) in its worldwide battery materials business.
A new completely owned holding company that is only dedicated to battery materials is under consideration.
“Secondary battery recycling will be required in many nations starting in 2030”, Choi Jeong-woo, Posco Chairman stated.
Image credit: automotivemanufacturingsolutions.com
