Saebitchem Invests 56 Billion KRW to Build Secondary Battery Recycling Plant in Gimcheon

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] On the 26th, Gyeongbuk Province and Gimcheon City signed a Memorandum of Understanding (MOU) at the Gyeongbuk Provincial Office for the establishment of a secondary battery recycling plant, including secondary battery precursor composite solution, attended by Lee Cheol-woo, Governor of Gyeongbuk Province, Kim Choong-seop, Mayor of Gimcheon, and Park Min-gyu, CEO of Saevitchem.

Through this investment agreement, Saevitchem plans to invest 56 billion KRW by 2024 in the Gimcheon 1 General Industrial Complex to build a production plant that recovers valuable metals such as NCM (Nickel, Cobalt, Manganese) composite solution for secondary batteries, creating 80 new jobs.

Since its establishment in 1993, Saevitchem has provided all solutions in the recycling field, starting with wastewater treatment chemicals, moving to electronic industry waste acid recycling, and from 2017 developing proprietary separation technology. It was listed on KOSDAQ in August last year and is a key company that environmentally separates and circulates core resources of cathode materials for secondary batteries through urban mining business.

This investment in the Gimcheon 3rd plant will produce various products demanded by major customers such as Korea Precursor, LG Chem, including NCM composite solution, lithium carbonate, copper sulfate, and manganese carbonate, which are core materials of secondary battery cathode materials, through more advanced refining and smelting technologies.

Gimcheon General Industrial Complex, where Saevitchem's secondary battery recycling plant will be established.

Gyeongbuk Province is accelerating the creation of a closed-loop resource circulation system from secondary battery material production to core resource recycling, centered on leading cathode material companies such as EcoPro, LG BCM, and POSCO Chemical, aiming to become a global one-top base in the materials sector.

Park Min-gyu, CEO of Saevitchem, said, “Thanks to Gimcheon City and Gyeongsangbuk-do for creating a business-friendly environment, we chose the Gimcheon industrial complex. This is a great opportunity to grow together with the Gimcheon community, and we will do our best to become a sincere, truthful, and exemplary regional representative company and a global leading company.”

Lee Cheol-woo, Governor of Gyeongbuk Province, said, “This investment is significant as it shows the secondary battery industry, which Gyeongbuk Province is focusing on attracting, is expanding more actively in Gimcheon. I sincerely thank CEO Park Min-gyu for deciding on this large investment, and we will actively support so that secondary battery companies investing in Gimcheon can succeed.”