Hyundai Glovis, Hyundai Motor Group’s (HMG) logistics unit, has joined with local battery materials producer EcoPro to develop new technology and jointly build a global recycling business for electric vehicle (EV) batteries.
The two companies signed a memorandum of understanding (MoU) this week agreeing to broad based collaboration involving the establishment of a global supply chain management system for used EV batteries and the development of automated recycling technology.
Hyundai Glovis is in a strong position to grow a global EV battery recycling network.
The company ships most of HMG’s export vehicles and also handles other brands, including Volkswagen. Last year it shipped 3.4m vehicles using its fleet of 90 vehicle carriers. The company also operates 52 distribution centres in South Korea and 96 overseas.
EcoPro is a battery materials supplier which has been growing its battery recycling business through its EcoPro CnG Company subsidiary.
Hyundai Glovis CEO Lee Kyoo-bok said in a statement: "With this latest agreement with EcoPro, we will lead Korea’s used EV battery recycling business by optimising the recycling operation system and establishing a smart recycling process."
"Hyundai Glovis & EcoPro join forces for battery recycling" was originally created and published by Just Auto, a GlobalData owned brand.
Courtesy : finance.yahoo.com