On April 29, LG Energy Solution announced its collaboration with French environmental services provider Derichebourg to establish a joint venture for battery recycling. According to the plan, both companies will hold a 50% stake in the joint venture, which will operate a battery recycling plant located in Bruay-la-Buissière, northern France. Construction is expected to begin in 2026, with production slated to start in 2027 and an annual processing capacity exceeding 20,000 tons.
As the electric vehicle (EV) industry continues to grow, the recycling of power batteries is becoming increasingly significant. Industry forecasts suggest that by 2025, the volume of retired power batteries in China will reach 820,000 tons. Starting in 2028, this figure is anticipated to exceed 4 million tons, with the value of the battery recycling industry projected to surpass 280 billion yuan.
In response to concerns regarding raw material supply and the need for more efficient resource management, LG Energy Solution has actively engaged in battery recycling initiatives. In 2021, the company partnered with Eco Pro Group to commercialize its EV battery recycling operations. That same year, LG Energy Solution, along with its parent company LG Chem, invested in the lithium battery recycling company Li-Cycle, which is expected to supply LG Energy Solution with 20,000 tons of recycled nickel over a ten-year period starting in 2023.
In 2022, reports indicated that LG Chem intended to acquire shares in a South Korean battery recycling company for 24 billion won. Furthermore, LG Chem plans to establish a battery recycling company in the United States by 2023. In 2023, LG Energy Solution announced its intention to form a joint venture with Zhejiang Huayou Recycling Technology Co., a subsidiary of China Huayou Cobalt, to establish two battery recycling plants in Nanjing and Quzhou.
Additionally, in 2024, an Australian lithium company reported that its wholly-owned subsidiary, Envirostream, signed a new three-year exclusive recycling agreement with LG Energy Solution to recycle recalled lithium-ion batteries in Australia. The recycling of used batteries and battery waste is vital for LG Energy Solution’s integrated closed-loop manufacturing system, which will further strengthen its competitive edge in securing key battery raw materials.
According to LG Energy Solution’s plans, it expects its annual sales to double by 2028 compared to the figures from 2023.
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