[Asia Economy Reporter Park Hyungsoo] Powerlogics is showing strong performance. It appears that the news of global funds shifting from secondary batteries to 'recycled batteries' is influencing the stock price. As the United States and China, which have declared an eco-friendly electric vehicle era, compete to support battery recycling businesses, the related market is expected to grow rapidly.
At 10:47 AM on the 8th, Powerlogics was trading at 9,580 KRW, up 15.7% from the previous day.
According to major foreign media, the Joe Biden administration in the United States has begun preparing a 'Global Supply Chain Review' report as a measure to counter China, and based on this, plans to support research and development (R&D) for electric vehicle battery recycling and other initiatives.
The report, expected to be completed by the 11th, will include an analysis of the external dependence of supply chains in key industrial sectors such as electric vehicles, as well as support for R&D and factory construction to grow the recycled battery industry within the U.S., and direct investment plans by the federal government. As the electric vehicle market grows, waste batteries inevitably accumulate, and the market for utilizing waste batteries will inevitably expand.
Hyundai Motor Group has been preparing strategic business development by forming various technical partnerships and agreements since last year with Korea Hydro & Nuclear Power, Powerlogics, OCI, Hanwha Q CELLS, and others, starting with a partnership agreement in 2018 with Wartsila, a global energy company from Finland, to proactively lead the business of utilizing batteries recovered from electric vehicles.
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