According to foreign media reports, skon, one of the three power battery plants in South Korea, said in the ESG report that in order to reduce carbon emissions and ensure material supply, it will invest in the construction of lithium battery recovery plants this year, and plans to start operations in the United States and Europe in 2025.

Sk innovation, a battery production subsidiary of SK group, announced as early as 2019 that the company's new technology can recover high concentration lithium hydroxide from discarded anode materials of electric vehicle batteries. Sk innovation said that this technology can recover more than 80% of the battery components of electric vehicles, and recover key materials such as nickel, cobalt and manganese with high purity, which account for more than 30% of the battery cost.

In recent years, the rapid rise in sales of new energy vehicles has led to a substantial increase in the demand for installed power batteries. According to the 5-8-year service life of power batteries, the peak of decommissioning power batteries of new energy vehicles is coming.

It is estimated in the industry that 252000 tons of power batteries will be decommissioned in 2021 and 2373000 tons in 2030. As the prices of cobalt, nickel, lithium and other metals continue to rise under the imbalance between supply and demand, the recycling value of power batteries has increased significantly. The battery recycling market is expected to accelerate the outbreak, and the market space is broad. It is predicted that the market space of the global battery recycling industry will exceed 150billion yuan in 2027.