Yiwei Lithium Energy signed an agreement with Chinese battery material producer Green Eco-Manufacture (GEM) to secure an annual supply of 10,000mt recycled nickel products starting from 2024. The two companies will cooperate towards strengthening the circular economy and the global nickel products supply chain.
According to the terms of the agreement, GEM will recycle power batteries to supply nickel products such as nickel sulfate, ternary precursors and ternary materials. The supply agreement starts in 2024 for a period of 10 years, which can be further extended as needed.
In June, GEM announced plans to build a 100,000mt nickel and cobalt recycling plant in China’s Hebei province.
GEM’s aims to recycle 250,000mt power batteries annually from 2025. It has partnered with several auto and battery manufacturers around the world to build recycling plants in Indonesia and Europe. The company’s annual production capacity for ternary precursors exceeds 400,000mt and accounts for 15pc of the global production.