Huayou Cobalt plans to develop lithium battery recycling business

With the rapid development of the new energy vehicle market, the peak period of power battery scrapping is coming. It is estimated that by 2028, my country's retired power battery packs will reach 3 million tons, and by 2030 it will reach 4 million tons. In the face of this trend, Huayou Cobalt has actively deployed lithium battery recycling business and extended the industrial chain downward through joint ventures. At present, Huayou Cobalt's subsidiaries Huayou Quzhou, Resource Recycling and Jiangsu Huayou have all entered the list of companies that meet the "Industry Standard Conditions for Comprehensive Utilization of Waste Power Batteries for New Energy Vehicles" issued by the Ministry of Industry and Information Technology.