Youngpoong Paper accelerates entry into used electric vehicle battery business

Yeongpoong Paper, which announced its entry into the secondary battery and electronic waste industries, revealed on the 21st that it is accelerating its entry into new businesses such as the electric vehicle used battery business.

In addition to its paper manufacturing sites, the company is reviewing permits and other requirements to convert approximately 77,400㎡ (about 23,400 pyeong) of land, currently used for rental business, into a used battery business site by ending the rental business this year.

Yeongpoong Paper is considering business promotion across the entire electric vehicle used battery industry, including securing and collecting used batteries, sorting and inspection, reuse, and recycling. Initially, the focus will be on the supply and safe storage of used batteries, sorting and inspection, and battery recycling.

A company official stated, “The planned sites are located near the Gyeongbu Expressway in the southern Gyeonggi region and close to Pyeongtaek Port, providing excellent transportation and logistics conditions, making them very suitable for an electric vehicle used battery business site. Our company also owns wastewater treatment facilities and synthetic resin incinerators around the planned sites, which will be very advantageous for future used battery recycling business.”

The company is also pursuing the acquisition of a domestic small and medium technology company for the collection, inspection, evaluation, and certification of used batteries. A company representative said, “Standards for the collection, inspection, and evaluation of used batteries have not yet been established domestically. However, by acquiring a related technology company, we aim to secure growth opportunities by taking the lead from the early stages of the used battery circular economy ecosystem.”

Meanwhile, earlier this month, Yeongpoong Paper announced its joint entry into the secondary battery and E-Waste industries with Australian ASX-listed company L. In particular, Australian company L has been granted exclusive rights by the Australian federal government for the used battery collection business and is conducting used battery collection and processing operations. It is also known to have already produced Black Mass and supplied it to LG Energy Solution and Sungil Hightech.