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(Yicai Global) Aug. 10 -- Two Chinese battery firms, Eve Energy and GEM, will join hands to recycle lithium batteries to reuse their nickel.
Battery recycler GEM will recover at least 10,000 tons of nickel including nickel sulfate and ternary precursor products from used power packs per year for Eve Energy, starting from 2024, the Huizhou-based buyer said in a statement yesterday.
Manufacturer Eve will give its battery waste to GEM and guide its plants around the world to reuse the raw materials that GEM offers, it added.
The partnership will help the two firms form a full life cycle value chain and a green supply chain to make better use of resources, Eve added.
The pair will study the feasibility of building plants to recycle batteries and nickel resources worldwide.
The two firms are visibly getting closer. Last week, Eve said it will build a plant in central Hubei province's Jingmen to make nickel-containing batteries for passenger vehicles. GEM runs a facility to recycle batteries in the city.
Eve’s stock price [SHE: 300014] dropped 3.2 percent to CNY110.40 (USD17) in the afternoon.
GEM’s equity price [SHE: 002340] was 2.1 percent up at CNY11.95 (USD1.80).
Editor: Emmi Laine, Xiao Yi