(Yicai Global) March 22 -- Chinese automated equipment maker Miracle Automation Engineering, which has been branching out into the recycling of electric car batteries in recent years, is linking arms with state-owned China Chengtong Ecology to extend the scope of their battery recycling services.

The pair will build echelon-use-battery joint-venture factories and plants for the recycling of key battery elements, the Wuxi, eastern Jiangsu province-based company said yesterday.

Chengtong Ecology, whose battery recycling services are offered in the most economically developed parts of China such as Beijing, Tianjin and Shanghai, is owned by investment holding firm China Chengtong Holdings Group which is directly under the control of the State-owned Assets Supervision and Administration Commission.

The pair will leverage Chengtong Holding’s connections to partner with large state-owned logistics and energy storage enterprises to ensure a steady supply of scrap batteries to recycle, Miracle Automation said.

Miracle Automation has expanded into the battery recycling sector in recent years as the auto industry shifts towards electric vehicles. The company, which already runs a recycling plant in Ganzhou, eastern Jiangxi province said last September that it will build a recycling plant with carmaker FAW group, and in December it teamed up with European car giant Stellantis’ China unit to recycle scrap batteries.

Miracle’s share price [SHE:002009] closed up 0.2 percent today at CNY14.79 (USD2.15).

Editor: Kim Taylor