South Korean chemical firm SungEel HiTech had won LG Energy Solution and Samsung SDI as customers for its battery recycling service, TheElec has learned.
The chemical first was founded in 2000 and specializes in extracting materials for batteries from various products from electric vehicles to consumer electronics.
It extracts various materials from cobalt, lithium, nickel, manganese and copper for reuse.
As of the first quarter this year, it had 133.8 billion won in remaining orders, according to its filings to South Korean regulators.
It is seeing revenue growth from its customers EcoPro EM, the joint venture between battery maker Samsung SDI and cathode firm EcoPro BM.
It is yet to secure revenue from new customer LG Energy Solution as it is setting up its office in Poland, where the latter has a battery factory and looking for lands to build its factory.
It has spent 30 billion won in Hungary, where Samsung SDI has a battery factory, for its recycling factory.
These facilities collect the scrubs and defective batteries from the battery production line.
It grinds these materials into powder and is delivered to SungEel HiTech’s headquarters in Gunsan, South Korea to be processed,
The company is planning to build these processing plants abroad as well, first in Spain and Germany. In the US, it is planning to build them in the states of Indiana and Georgia.
SungEel HiTech is planning to list on the South Korean bourse in July and is selling 2.67 million shares.