Ecopro BM, which is the world's second largest manufacturer of high nickel cathode materials have signed an MOU with the city of Pohang in the Gyeongbuk province in South Korea, on setting up a recycling plant in the city's industrial zone for the battery industry.
Ecopro will through its new subsidiary Ecopro CNG invest 120 billion Won (10 MUSD) in a plant where waste lithium-ion batteries will be turned into materials which will be used in Ecopro's production of battery materials. Ecopro has for a several years been an important customers to GEM, which is one of China's largest recycler and cathode material makers. In 2019 the two companies established a joint venture in Pohang which converts lithium carbonate into lithium hydroxide, supporting Ecopro's production of high nickel precursors. Recently Ecopro established a new joint venture with GEM in Fuan City, Fujian Province in China where precursor will be produced for CATL.