Hyundai Glovis, EcoPro team up for EV battery recycling business

Under the deal, the two firms will cooperate across businesses, including recycling process automation

Hyundai Glovis and EcoPro signed an MOU on the expansion of their cooperation in the EV battery recycling business

Jae-Fu Kim 1

2024-06-03 19:23:08 hu@hankyung.com

Batteries

Hyundai Glovis Co., the logistics unit of South Korea’s Hyundai Motor Group, and EcoPro Co., the country’s leading electric vehicle battery materials producer, have teamed up to advance their technology and build a global network for the electric vehicle battery recycling business.

The two companies said on Monday they signed a memorandum of understanding on business cooperation late last month.

Under the initial agreement, the partners will cooperate across businesses, including recycling process automation and building a supply chain management system for used batteries.

Automobiles are loaded onto a car carrier operated by Hyundai Glovis

Hyundai Glovis handles vehicles made by Hyundai Motor Group’s two automaking units – Hyundai Motor Co. and Kia Corp. – for overseas shipments. The logistics firm also counts Volkswagen AG and other global carmakers among its clients.

Hyundai Glovis currently operates 52 logistics centers in Korea and 96 distribution bases outside Korea.

The company transports some 3.44 million vehicles annually with its fleet of 90 vehicle carriers.

Taking advantage of its global network, Hyundai Glovis said it aims to gain the upper hand in collecting used EV batteries, securing waste battery processing technology and building a used battery supply chain.

EcoPro is Korea's leading battery materials maker

ECOPRO CNG

EcoPro is engaged in the battery recycling business through its affiliate EcoPro CnG Co.

In April, Hyundai Glovis said it signed a contract to supply logistics automation systems worth a combined 40 billion won ($28.9 million) to Korea Superfreeze Inc. and EcoPro CnG.

"With this latest agreement with EcoPro, we will lead Korea’s used EV battery recycling business by optimizing the recycling operation system and establishing a smart recycling process,” said Lee Kyoo-bok, chief executive of Hyundai Glovis.

EcoPro CEO Song Ho-jin said its strengthened ties with Hyundai Glovis will give his company enhanced competitiveness in used battery supplies and securing raw materials.

Write to Jae-Fu Kim at hu@hankyung.com

In-Soo Nam edited this article.