The founder of Redwood Materials estimates that by the second half of the decade, the electric vehicle industry will be able to generate up to half of all from recyclable batteries. raw materials, required for the production of lithium batteries. The Chinese company CATL, which now controls a third of the world market, also realizes the importance of processing, and therefore allocates almost $ 5 billion for the construction of a specialized enterprise.
As explains Reuters, a new battery recycling facility will appear in central Hubei province, and will be built and operated by Hubei Yihua Chemical Industry Co Ltd. Recycling of used traction batteries will make it possible to extract cobalt and lithium from them for reuse.
Not going to slow down the pace of development, CATL provides itself with new sources of raw materials and through the acquisition of lithium mining companies. For example, last month she bought Canada’s Millenium Lithium Corp. It is possible that this deal will help strengthen CATL’s position in the North American market, since the specifics of the production of lithium batteries dictate the need to concentrate deposits, production and main sales markets in one area. CATL’s major customers include Tesla and Volkswagen AG.