220 million! GEM Plans to Jointly Invest in and Build a 20,000 mt Battery Recycling Project in Xiantao, Hubei

Recently, the Xiantao Municipal Bureau of Ecology and Environment in Hubei Province issued the first public announcement of the Environmental Impact Report for the "Project of Annual Treatment of 20,000 mt of Scrap New Energy Power Batteries for Recycling, Dismantling, and Comprehensive Utilisation by Hubei Baifu Renewable Resources Co., Ltd."

According to the project information, Hubei Baifu Renewable Resources Co., Ltd. will carry out technological transformation and expansion using its existing factory premises without acquiring additional land. The total investment for the project is 220 million yuan. The company will utilize an existing warehouse with a floor area of 10,000 m² to construct a project for the annual treatment of 20,000 mt of scrap new energy power batteries for recycling, dismantling, and comprehensive utilisation.

It is reported that Hubei Baifu Renewable Resources Co., Ltd. was established in April 2023 and is jointly controlled by Wuhan Baifu Environmental Engineering Co., Ltd. and GEM (Wuhan) Urban Mining Industry Group Co., Ltd., with respective shareholdings of 51% and 49%.

GEM (Wuhan) Urban Mining Industry Group Co., Ltd. is a subsidiary of GEM (002340). GEM has formed a dual-track business model of "urban mining + new energy materials manufacturing". The company has established 16 waste recycling and new energy materials manufacturing plants across 8 provinces and cities in China, as well as in South Africa, South Korea, Indonesia, and other locations. It has constructed an urban mining system centered around major cities in China, with its green development footprint extending worldwide and spanning 3,000 kilometers across China. The company annually recycles and treats over 10% of China's total retired power batteries, over 6% of China's total scrap vehicles, and over 20% of China's primary nickel mining output, becoming an outstanding representative in promoting the development of a circular society and practicing the concept of green development.