Zhongwei Co., Ltd. cooperates with SungEel Hitech to improve the waste battery recycling network system.

300919.SZ announced that the company and SungEel Hitech Co. Ltd ("SungEel Hitech") signed a Memorandum of Strategic Cooperation on November 10, 2021. The two sides agreed to establish comprehensive cooperative relations at the levels of recycling, hydrometallurgy and precursors. The company will work with SungEel Hitech to improve the waste battery recycling network system and overseas wet recycling system, build and realize the closed loop of industrial chain resources, and better serve downstream customers.

It is reported that, SungEel Hitech is a South Korean e-waste recycling and refining company dedicated to recycling important energy metals from waste lithium batteries. At present, SungEel Hitech battery recycling network covers South Korea, China, Hungary, Poland and Malaysia, with the capacity to process 24000 tons of lithium-ion battery materials per year, and plans to increase its annual production capacity to 56000 tons through its Korean hydrometallurgical plant to recover metal materials such as nickel, cobalt, manganese and lithium.