Greenmei signs Memorandum of understanding with South Korean ECOPRO to steadily promote Battery Recycling Strategy

SMM10, 22 Jun: in order to promote strategic cooperation with South Korea's Posco and Korea ECOPRO Co., Ltd. in the field of echelon utilization and recycling of new energy vehicle batteries, Greenmei and South Korea's Posco Municipal Government and ECOPRO signed a memorandum of understanding on the promotion of echelon utilization and recycling of new energy vehicle batteries on the basis of the principle of trust and integrity on October 21, 2019.

In 2020, Greenmei and ECOPRO set up a joint venture related to the echelon utilization and recycling project of new energy vehicle batteries. The two sides ensure the land related to the project in the Posco area, and in turn promote the investment and construction of factories and related facilities. ECOPRO is located in Qingzhou, Zhongqingbei Road, South Korea. Its main products are power battery materials such as NCA and NCM. It is currently the world's second largest manufacturer of NCA cathode materials and an external core supplier of NCA cathode materials for Samsung SDI.

Greenmei said that the signing of the memorandum of understanding will help promote strategic cooperation between the company and ECOPRO and the South Korean government in the field of power battery utilization and recycling, strengthen the construction of the company's "battery recovery-raw material recycling-material recycling-battery package recycling" new energy life cycle value chain recycling industry system, and help the company to open up the Korean power battery recycling market. It will help to consolidate the strategic cooperative relationship between the company, ECOPRO and the Korean new energy industry, stabilize the core supply position of the company's ternary precursor materials in the Korean market, improve the global core competitiveness and profitability of the company's new energy industry chain, enhance the company's core position in the field of recycling of power batteries for new energy vehicles, and promote the company to become the world leader in the cascade utilization of retired power batteries.

Since 2015, Greenmei has creatively put forward the idea of new energy life cycle value chain, with material recycling as the core, disassemble and crush the failed power battery, chemical purification, ternary power battery material reengineering, and construct the green supply value chain of "battery recovery-cascade utilization-material reengineering-cell reengineering-battery package reassembly-automobile reassembly".

In July 2018, the Ministry of Industry and Information Technology, together with seven departments, issued a notice on doing a good job in the pilot work of Recycling and Utilization of Power Storage batteries for New Energy vehicles. Greenmei has become the backbone enterprise in the five pilot areas of Beijing, Tianjin, Hebei, Hubei, Jiangsu, Guangdong and Jiangxi.

In September 2018, Jingmen Greenmei New Materials Co., Ltd. was selected by the Ministry of Industry and Information Technology as the first batch of enterprises to meet the "industry standard conditions for comprehensive utilization of waste power batteries for new energy vehicles".

At present, Greentree has successfully signed contracts with 36% of car companies and 30% of battery companies, including Mercedes-Benz, BMW, Volkswagen, Jaguar Land Rover, Volvo, BYD, etc., to solidly promote the construction of a large cycle system for power batteries from the scrapped end to the consumer end.

In addition, it is understood that at present, China has become the world's largest production and marketing country of new energy vehicles, with a cumulative total output of more than 3 million, and supporting power batteries exceeding 140GWh (about 980000 tons). With the rapid increase in the number of new energy vehicles, the retirement peak of power storage batteries is also coming.

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