(Yicai Global) Nov. 13 -- Chinese auto giant Beijing Automotive Industry Holding will work with a chemical products manufacturer based in Guangdong province to recycle used power batteries.
BAIC sales unit Penglong Automobile Services and Trade signed a framework agreement with Guanghua Sci-Tech yesterday, according to a statement.
The two will cooperate on ladder utilization and recycling of used power batteries through equity investment, as well as co-construction of recycling systems.
Specifically, Penglong Automobile will invest in Guanghua Sci-Tech's battery echelon utilization unit based in Zhuhai and another battery recycling and remanufacturing unit, with further details of investment to be determined after further negotiation.
Guanghua Sci-Tech will also participate in echelon utilization and recycling project invested by Penglong Automobile in Huanghua in northern China's Hebei province.
The two parties will also work with related new energy developers, automakers, and battery companies to carry out recycling of used batteries in the Yangtze River Delta region. The pair also plan to build a used power battery recycling system for the public.
Editor: William Clegg