South Korean company LG has officially acquired a stake in a Canadian lithium-ion battery recycling company.
“LG Chem and battery maker LG Energy Solution each invested 30 billion won to acquire a 2.6 percent stake in Toronto-headquartered Li-Cycle, in a recent offering,” the two companies said in a press release. quoted from Yonhap, Thursday.
In this regard, they have also signed a supply agreement with Li-Cycle to secure 20,000 tonnes of nickel for the South Korean company over the next 10 years from 2023. This is sufficient to produce batteries that will be used by 300,000 electric vehicles.
For your information, Li-Cycle, founded in 2016, specializes in recovering key lithium-ion battery materials, such as nickel and cobalt, from used batteries.
The company also has the technology to extract materials from used batteries in an environmentally friendly way that minimizes the release of harmful battery materials, according to LG.