Hyundai Glovis has formed a strategic partnership with Huayou Cobalt, the world’s leading producer of raw materials for electric vehicle (EV) batteries, to build a comprehensive value chain for used EV batteries. The two companies signed a memorandum of understanding (MOU) at Huayou Cycle’s headquarters in Zhejiang, China, marking a significant step towards optimizing the EV battery ecosystem.
Under the agreement, Hyundai Glovis and Huayou Cycle, a wholly-owned subsidiary of Huayou Cobalt, will collaborate in the domestic and international energy storage systems (ESS) business. They aim to establish a global EV battery recycling system, enhance supply chain management, and streamline logistics operations. This partnership leverages Huayou Cycle’s expertise in battery recycling and Hyundai Glovis’ logistics capabilities to create synergies in the battery resources market.
Huayou Cycle, with over 100 battery collection locations across China, brings advanced technology that assesses the state of health (SOH) of batteries in just 15 seconds. This technology will play a critical role in the efficient recycling and reuse of batteries.
According to SNE Research, the global end-of-life battery recycling market is expected to grow at an annual rate of 17%, reaching US$42.4 billion by 2030 and US$208.9 billion by 2040, driven by stricter EU regulations on waste batteries. This collaboration positions Hyundai Glovis and Huayou Cycle to capitalize on this expanding market.
