The company said in a filing that the CATL entity will form a joint venture with Hubei Yihua Chemical Industry Co Ltd to recycle used EV batteries for chemicals such as cobalt and lithium.
Contemporary Amperex Technology Co Ltd plans to build a battery material recycling facility in the central Chinese province of Hubei with an investment of 32 billion yuan ($4.96 billion), electric-vehicle battery maker said Tuesday.
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The company’s announcement comes at a time when global demand for electric vehicles has increased, which makes securing battery materials an important task for the industry.
China, the world’s largest car market, has also set standards and policies to promote battery recycling and save materials.
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A CATL entity will form a joint venture with Hubei Yihua Chemical Industry Co Ltd to recycle used EV batteries for chemicals such as cobalt and lithium, the company said in a filing.
Last month, CATL said it has agreed to acquire Canada’s Millennial Lithium Corp, as it seeks to shore up the supply of key components for EV batteries.
CATL’s list of customers, a leading EV battery maker in China, includes automakers such as Tesla Inc. and Volkswagen AG. ($1 = 6.4526 Chinese Yuan)
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