Chinese EV batterymaker Contemporary Amperex Technology Ltd (CATL) has unveiled plans to construct a $5 billion recycling facility for battery materials in the district of Hubei province of central China.
CATL. Photo: Ralf Liebhold / Shutterstock
Photo: Ralf Liebhold / Shutterstock
The announcement comes as global demand for electric vehicles has boomed with the sector racing to decarbonise, making securing battery materials a key task for the industry.
China, the world's biggest automotive market, has also set standards and policies to promote battery recycling and save materials.
Read more: Looking beyond the semiconductor shortage
CATL will form a joint venture with Hubei Yihua Chemical Industry Co Ltd to recycle used EV batteries for chemicals and minerals such as cobalt and lithium, the company said.
Last month, CATL said it would acquire Canada's Millennial Lithium Corp, as it looks to shore up the supply of key EV battery components.
CATL's customer list includes a swathe of automakers such as Tesla and Volkswagen.
Back to Homepage
Back to Transportation