GEM plans to invest 1.8 billion yuan to build a lithium battery raw material recycling project

GEM plans to invest 1.8 billion yuan in the construction of a lithium battery raw material recovery project, constructing an annual output of 30,000 tons of lithium battery multi-element precursors, 10,000 tons of high-performance cobalt tetroxide, an annual output of 25,000 tons of high-purity nickel cobalt manganese raw materials, and 3,000 tons of lithium phosphate raw materials.

On June 7, GEM announced that its subsidiary GEM (Jiangsu) has signed an investment agreement with the Taixing Economic Development Zone Management Committee to invest 1.8 billion yuan in the construction of a lithium battery raw material recovery project.

The project is dominated by scrap battery raw materials, constructing an annual output of 30,000 tons of multi-element precursors for lithium batteries, 10,000 tons of high-performance cobalt tetroxide, an annual output of 25,000 tons of high-purity nickel cobalt manganese raw materials, and 3,000 tons of lithium phosphate raw materials.

GEM plans to start the construction of the project in June 2021. It is expected to complete the construction of the multi-precursor project for 30,000 tons of lithium batteries by June 2022, and complete all project construction in December 2023.

After the completion of the above-mentioned projects, the GEM Park will form an annual output of 30,000 tons of ternary precursors, an annual output of 20,000 tons of cobalt tetroxide, an annual output of 5,000 tons of lithium cobalt oxide, an annual output of 2,000 tons of cobalt flakes, and an annual output of 25,000 tons of high-purity nickel, cobalt, and manganese. Raw materials, an annual output of 3,000 tons of lithium phosphate raw materials.

On the same day, GEM also issued an announcement stating that on June 6, its subsidiary GEM (Wuxi) held a groundbreaking ceremony for the new energy high-value recycling project invested and constructed in Wuxi Airport Economic Development Zone last year. The project will recover 100,000 sets of power batteries annually. With the annual recycling and processing of 100,000 new energy vehicles.

GEM (Wuxi) has been included in the list of 27 companies that comply with the "Industry Standards and Conditions for the Comprehensive Utilization of Waste Power Batteries for New Energy Vehicles" issued by the Ministry of Industry and Information Technology in 2020 and is the only one in Jiangsu Province to be selected as the industry standard for the comprehensive utilization of waste power batteries for new energy vehicles. Business.

GEM stated that the project will quickly advance the establishment of a base for recycling 100,000 sets of power batteries and 100,000 new energy vehicles annually in Wuxi and relying on the chemical base in Taixing to effectively build a "power battery recycling-new energy vehicles" in the Yangtze River Delta region. The new energy full life cycle low-carbon industry model of recycling-power battery cascade utilization-auto parts cascade utilization-new energy material remanufacturing, consolidates the global "battery recycling-precursor material reengineering-material reengineering" circular industry chain.

As the number of new energy vehicles continues to grow and power battery shipments increase, the tide of power battery scrap is accelerating, and the large-scale recycling of used batteries is urgent.

The industry predicts that the total market space for power battery recycling in 2019-2025 is expected to exceed 60 billion yuan, and the average compound growth rate for 2019-2025 is expected to reach 50%.

As a leading enterprise in the field of resource recycling, GEM has established a core technology system and standard system for waste battery recycling and has more than 1,100 waste recycling patents, including more than 320 battery recycling patents, and more than 20 core patents. More than ten countries including Europe, America, Japan, and South Korea have been authorized. Leading and participating in more than 30 national, industry, and group standards.

By 2025, GEM plans to achieve the production and sales scale of ternary precursors exceeding 400,000 tons/year, and plans to build precursor production bases in Indonesia and Europe; the production capacity of cobalt tetroxide exceeds 35,000 tons/year; the recycling of power batteries exceeds 250,000/year The new energy materials business released targets.