EcoPro and SK ecoplant, along with its subsidiary TES, have signed a Memorandum of Understanding (MoU) for ‘Hungarian battery recycling business cooperation’. The group aims to establish a recycling facility in the region by 2025, utilising production scrap and end of life EV batteries as feeds tock. This announcement follows on from an initial MoU signed in March this year.
Further European Expansion
The trio decided to locate in Hungary as it offers an easily accessible and stable feedstock supply. The SK ecoplant CEO commented, “Hungary is where the production bases of global electric vehicle and battery manufacturers are concentrated and is a strategic point in the European waste battery recycling market.” OEMs such as Mercedes-Benz, BMW, and Audi all operate facilities in Hungary. Additionally, Korean battery producers, Samsung SDI and SK Battery, also operate battery manufacturing plants in Hungary. As of 2022, Hungary was the world’s fourth largest producer of batteries after China, Poland and the US.
A Global Ecosystem
SK ecoplant and its subsidiary TES, already operate in 23 . TES is nearing completion of a battery recycling facility, with both pre- and post-treatment capabilities in the Port of Rotterdam. Furthermore, EcoPro began construction in November 2022 of a cathode material factory in Debrecen, Hungary. The company aims to reach mass production in the second half of 2024.
Increasingly, Korean battery recyclers are looking to Europe and the US to expand their businesses. Established Korean players such as POSCO and SK ecoplant will leverage on their experience, network and financial capabilities to build closed-loop battery ecosystems for Korean battery producers or OEMs operating in Europe and the US.
For more information please refer to our Q4 Battery Recycling Quarterly Outlook.
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Sources: SK ecoplant Newsroom