Mid-sized construction company IS Dongseo will enter the battery recycling market. It aims to grow the battery recycling business as the core business of its ESG management.
IS Dongseo announced on Tuesday that it bought more than five percent of Canada-based battery recycling company Lithion’s shares. The South Korean company acquired an exclusive right for domestic business using Lithion’s technologies and will jointly enter the global market. Lithion is believed to have world-class technologies in lithium-ion battery recycling. The company is also competitive in ESG for its environment-friendly wet disposal method of waste batteries that prevents particles and wastewater.
IS Dongseo is actively entering the battery recycling business by acquiring Insun Motors, a subsidiary of Insun Environmental New Technology, in 2019 and investing in Town Mining Company last year. Insun Motors, the largest automobile recycling company in South Korea, has technologies and patents in the collection, shredding, and storage of waste batteries. Town Mining Company holds technologies and patents in recycling scrap produced from battery production as battery materials.
IS Dongseo will invest 300 billion won and begin the construction of waste battery processing facilities utilizing Lithion’s technologies in South Korea this year. Once completed, the facilities can process about 7,500 tons of waste batteries per year. In addition, it will add a plant capable of processing 15,000 tons of battery raw materials per year using Lithion’s wet method.
“With the investment, we now have acquired competitive advantage by establishing the value chain of battery recycling from its collection and shredding to recycling,” said a member of IS Dongseo. “We will lead South Korea’s secondary cell recycling market with environment-friendly technologies.”
Lee Sae Saem email@example.com