EV battery maker CATL plans $5-billion China recycling facility

  • Reuters
  • Stock Market News
EV battery maker CATL plans $5-billion China recycling facility
Credit: © Reuters.

BEIJING (Reuters) - Contemporary Amperex Technology Co Ltd plans to build a battery material recycling facility in the central Chinese province of Hubei with an investment of up to 32 billion yuan ($4.96 billion), the electric-vehicle battery maker said on Tuesday.

The company's announcement comes at a time when global demand for electric vehicles has surged, which makes securing battery materials a key task for the industry.

China, the world's biggest car market, has also set standards and policies to promote battery recycling and save materials.

A CATL unit will form a joint venture with Hubei Yihua Chemical Industry Co Ltd to recycle used EV batteries for chemicals such as cobalt and lithium, the company said in a filing.

Last month, CATL said it had agreed to acquire Canada's Millennial Lithium Corp, as it looks to shore up the supply of key ingredients for EV batteries.

© Reuters. FILE PHOTO: People walk past the R&D centre of Contemporary Amperex Technology Ltd (CATL) in Ningde, Fujian province, China, December 16, 2016.  REUTERS/Jake Spring

The leading EV battery maker in China, CATL's list of customers include a swathe of automakers such as Tesla (NASDAQ: TSLA ) Inc and Volkswagen (DE: VOWG_p ) AG.

($1 = 6.4526 Chinese yuan)

 

 

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