The South Korean chemical company Cosmo Chemical will invest 30 billion Won ($25.5M) in a recycling and material recovery plant with expected commissioning in September 2022. The investment was approved at an extraordinary general assembly the 26th of August.
The plant will have capacity for production of 4,000 tonnes of nickel and 2,000 of cobalt which equates to around 40,000 tonnes of battery cells.
The technology has been developed in-house while the company also developed a complete business for precursors and cathode materials as a part of Cosmo Advanced Materials. Today Cosmo Chemicals is primarily involved in production of titanium dioxide anatase but is also an important producer of cobalt sulphate and a key supplier to the domestic battery industry.
More about Cosmo Chemicals here.