South Korea’s non-ferrous metal company Young Poong Co. has teamed up with AJ Networks to establish a secondary batteries resource circulation chain in Europe.
Young Poong announced on Friday that it had signed a memorandum of understanding (MOU) on strategic collaboration for the global value chain in secondary battery resource circulation with AJ Networks on the previous day.
The MOU signing ceremony was held at the Young Poong headquarters in Seoul's Gangnam-gu and was attended by Young Poong CEO Park Young-min and CEO of AJ Networks' logistics division Park Daehyun.
Both companies will collaborate to promote the commercialization of secondary battery recycling and form a full-cycle supply chain.
AJ Networks will be responsible for the logistics of secondary battery recycling materials in Europe, including used batteries and process scraps.
Young Poong will recover raw materials from waste batteries through dry and wet processes, including lithium, nickel, cobalt, and copper.
Young Poong had previously signed an MOU in August with Lotte Global Logistics for the establishment of a North American secondary battery supply chain.
