SEATTLE (Recycling Monster): POSCO Holdings announced collaboration with GS Energy to boost secondary battery recycling.
The two companies reached an agreement on October 6th at the POSCO Centre in Seoul, Korea to establish a joint venture, named POSCO-GS Eco Materials, at an investment of around 170 billion won. The event was attended by top executives from both the joint venture partners along with invited guests.
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According to joint press release by the companies, POSCO Holdings will own 51% ownership in the joint venture project, while the remaining 49% will be owned by GS Energy. The partners have also agreed to form the corporation within a year from the date of signing of the agreement.
The joint venture will collect dead batteries and extract raw materials using latest technologies. In addition, it will also focus on exploring business opportunities by diagnosing, evaluating and reusing secondary batteries.
Commenting on the landmark agreement, Jeong-woo Choi, CEO, POSCO Group said that the joint venture promises to build a new industry ecosystem for secondary battery recycling. Meantime, Tae-soo Huh, Chairman, GS Holdings noted that the collaboration will facilitate the energy transformation to meet evolving demands of industry and society.
