September 09, 2020 13:16
Hyundai and SK Innovation said Tuesday that they have decided to cooperate in the car battery recycling business.
Their partnership is the result of a July meeting between Hyundai chief Chung Eui-sun and SK chairman Chey Tae-won.
Their aim is a virtuous cycle in the use of automotive batteries -- looking for business opportunities for the recovery of used batteries, recycling energy storage systems and extracting lithium, nickel and cobalt from dead batteries.
The announcement has fueled speculation that SK Innovation will supply more car batteries to Hyundai and affiliate Kia, which mostly buy them from LG Chem.
SK Innovation has already won a one-year deal to supply batteries for Hyundai's next-generation electric car slated for release next year.
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